USDCAD

[Samirofi]

USDCAD turned down nicely yesterday from wave D levels as highlighted in past updates. Well, we still assume that the pair can be in the late stages of a triangle placed in a fourth wave. If that’s the case then the current wave E should be looking for support around 1.2400/1.2430 area, but because of a very strong decline we recommend to wait on an impulsive bounce first, before any bullish turn can be considered.

[Samirofi]

Daily Wave Analysis

Update: 25 Feb 2015

[Samirofi]

Update: 13 March 2015

Time Frame : Daily & H4





Daily News:

Canadian employment data: Friday, 12:30. The Canadian labor market was boosted by a part-time jobs gain in January, adding 35,400 new positions, well above the 4,700 increase forecasted by analysts. However the report was disappointing since 11,800 full-time positions were lost and the better than expected 6.6% unemployment rate was due to part time job gains. Analysts expect Canadian job figures to decline in the coming months as part-time workers are struggling to find full-time employment and the falling oil prices will also have a negative effect on the labor market. Canadian job market is expected to add 21,300 while the unemployment rate is expected to decline to 6.5%.

US UoM Consumer Sentiment: Friday, 14:00. Consumer confidence dropped in February to 93.6 after seven months of gains due to a rise in gasoline prices shifting Americans’ optimism about the economy. The preliminary sentiment index declined to 93.6 from the final January reading of 98.1 the highest since 2004. Economists expected a further rise in sentiment to 98.2. Energy an oil related workers were more concerned about their jobs in case of a fall in production. Consumer sentiment is expected to rise to 95.6

US PPI : Friday, 12:30. U.S. producer prices plunged 0.8%, recording their biggest decline in more than five years due to the ongoing erosion in energy prices. Economists expected a smaller fall of 0.4%. Core prices excluding food, energy, and trade also fell 0.1% after a 0.3% gain in December. Producer prices are predicted to rise 0.2%.

[Samirofi]

Update: 06 May 2015

Time Frame : H4

[Samirofi]

USDCAD made a nice corrective retracement in wave 4 as expected. We may see now an additional push to the downside close to our first support levels and 38% fibo. ration, before a reversal may occur to the upside.

[Samirofi]

Daily Wave Analysis

Update: 02 Feb 2016