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USDCAD is currently moving up with high volatility to the level of 1.40385, MACD shows the market still have a strong upward trend, so the market is still expected will move up to the level of 1.40647.
USDCAD is currently moving down with medium volatility to the level 1.38418, MACD shows the market still have a strong downtrend, so the market is expected will moving down to the level of 1.37614.
Currently the USDCAD is moving up with high volatility until the level of 1.39838, MACD shows the market still have a strong upward trend, so the market is still expected will move up to the level of 1.40055.
The USD/CAD pair inched higher on Thursday as solid U.S. data and lower oil prices supported dollar bulls ahead of global central bankers gathering in Jackson Hole.
Investors await clues from Jackson Hole on the U.S. interest rate outlook, with the focus on Fridays keynote speech by Federal Reserve Chair Janet Yellen.
As long the pair trades above strong support zone located at 1.2866 levels, the ongoing bullish trend for the pair is set to continue in the short term.
The currency pair is trading around 1.2933 levels, it is expected to reach 1.2960 levels and 1.3000 levels in the short term.
The immediate support can be seen at 1.2905, break below this level will expose the pair to next support level at 1.2866.
Major resistance can be seen at 1.2972, break above this level will expose it towards 1.3020 levels.
USD/CAD maintain Bullion bias with focus on 1.3000 levels
The USD/CAD pair inched higher on Thursday as solid U.S. data and lower oil prices supported dollar bulls ahead of global central bankers gathering in Jackson Hole.
Investors await clues from Jackson Hole on the U.S. interest rate outlook, with the focus on Fridays keynote speech by Federal Reserve Chair Janet Yellen.
As long the pair trades above strong support zone located at 1.2866 levels, the ongoing bullish trend for the pair is set to continue in the short term.
The currency pair is trading around 1.2933 levels, it is expected to reach 1.2960 levels and 1.3000 levels in the short term.
The immediate support can be seen at 1.2905, break below this level will expose the pair to next support level at 1.2866.
Major resistance can be seen at 1.2972, break above this level will expose it towards 1.3020 levels.
Due to the release of news about Donald Trump's presidential election in America all basic quotes started losing their positions against the US dollar significantly, the USD/CAD included.
The last four trading days have passed with a big increase for the current trading instrument and the price has successfully broken through the upper boundary of the price channel 1.3530-1.3150 in which it was moving for the last three months.
There are no big resistance levels near the price right now. The nearest level is located at 1.3670 and it was formed long time ago - in February this year.
The Stochastic indicator show us the prevalence of a decline in the USD/CAD and gives a clear signal to buy.
The Next Few Days
Considering all of the above signals, we recommend going long on the USD/CAD currency pair with target points on profit-taking 1.3670 and 1.3780.
Th uptrend is still preserved as the top of the upward trend has still not been formed. There is a possibility of a short-term correction but after the results of the latest news from the Americas the general direction for the currency pair USD/CAD is upward.
Last edited by SuperForex; 11-16-2016 at 04:10 PM.
USDCAD hits 2-week lows. Technically, USDCAD next immediate resistance above at 1.3666, 1.3700 and 1.3739 levels.
Downside support at 1.3595, 1.3542 and 1.3506 levels.
Trend overall looking slightly bullish at the moment.
Well; from 1.30189 to 1.26671 was a range and market broken this range quite comfortable! This is why, now my bias is only sell opportunity here! If market retest the 1.26671 level that would be my 1st choice for sell trade! Otherwise, I need to wait until it breaks the upcoming support level 1.2124.
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