USD CAD Support & Resistance lines

Jason, we have seen 200 pips by now. :eek:

Either you’re right with shaking out everyone overly short the USD or we will see a huge rise in the price of Oil later on and/or tomorrow.

In the last couple of days USDCAD bounced anywhere between 50 - 120 pips before Oil took another leg up and USDCAD went south again. But nothing like what we are seeing today.

My USDCAD CCI indicator is in overdrive…:smiley:

How about this USD/CAD roller coaster.

Tomorrow’s CAD retail sales will be important if the CAD plans to gain some momentum along with oil prices going up. I continue to be amazed by the rise in oil and equities, but going along for the ride.

What do you think, oil going to $85 next?

I think Oil topped @81.72 for now. Oil is overbought. To much speculative money has gone into Oil, Gold and Equities. That bubble will burst very soon IMO.

USD/CAD approaching a critical level. Downtrend is stil in tact as long as we don’t breach the 1.0750ish level.

BOC Gov. Carney was speaking today about interest rates Wrong to have looked for early Canada hike -Carney | Currencies | Reuters didn’t help CAD either.

If Oil holds 77.77 -77.61 support area USDCAD shouldn’t breach that 1.0750ish level.

I’m looking for a retest of 72-74 in oil so that doesn’t look good for usd/cad

Above support area did hold. :slight_smile:

Tomorrow is “Oil numbers day” like every Wednesday.

USDCAD will move [B]before[/B] :wink: Oil inventory numbers get released.

Last night…GMT…Saudia Arabia announced to drop NYMEX WTI Oil Futures Contracts.

Because of this FX Street has issued a FOREX Market Alert for USDCAD and AUDUSD flows.

You’ll find it here…

AUD/USD, USD/CAD Flows - FT: Saudis drop WTI oil contract; Argus Sour Crude from Jan

77.46 minor support in Oil is still valid. That suggests another swing. Similar to the one we saw yesterday and today. Oil staying above 80.00 is a bit over the top @present.

Canadian “120 pips GDP rocket” news shot straight through 1.08 in USDCAD pair. UC & Oil Correlation is a bit out of whack for now but I reckon coming Sunday/Monday asian session will take care of that. I don’t see USDCAD’s 1.0750 area staying support for that long.

Quiet on the CAD economic data front until Thursday. The markets in general seem to be highly volatile recently without much trading sense…which is probably a good time to be on the sidelines. Very erratic day to day in the stock market also.

USDCAD is back to “pre 120 pips GDP rocket” S&R levels. it took 24 hours longer than I thought but UC got there eventually.

In fact it’s back to the pip…1.0650.

Does anyone know what caused the “120 pips GDP rocket” ?

Canadian released GDP numbers were below forecast.

Another USDCAD pip rocket coming…or is it not…? :smiley:

13:30 GMT CAD Building Permits M/M Sep
15:00 GMT CAD Ivey PMI Oct

Todays USDCAD range 1.0677 - 1.0584

Oil is hugging minor S&R around 80.46

Interesting Thursday coming up I reckon. :smiley:

Bounced right off of the resistance trendline…

And the way oil is consolidating, looks like a big flag to the upside on daily chart…the trend is still up for the year.

There ya go…last friday’s repeat…another “120 pips rocket” it was…:D:D:D

Just reading my previous post and took a look at the chart…doesn’t make sense. Meant to put a chart of oil :smiley: . Light on the CAD economic data front for the rest of the week.

Yeah…another “120 pip rocket” coming friday would be nice. That would be the third in a row and one could start calling it a regular occurring event. :smiley:

Sellers have been “marking down” usdcad for about 2 weeks. Smart buyers are keeping their ears to the ground and money in their pocket until the “sale” starts.

USD/CAD: Bullish on the pair. Next target: 1.3160