|Day's Range||0.773 - 0.78|
|52 Week Range||0.7251 - 0.8290|
The US dollar initially fell against the Canadian dollar during trading on Thursday, but then bounced significantly from the 1.2825 handle as there became more of a “risk off” trade around the world. At this point, the market looks very jittery, but we do have a couple of important levels to watch.
Following its dip below 1.3010–1.3000 horizontal-region, the USDCAD recently broke seven-week long ascending trend-line that in-turn indicates brighter chances for the pair’s further downside to 1.2800 and then to the 1.2765-55 levels; however, oversold RSI is creating a doubt about the quote’s additional south-run, which if ignored by the Bears might not hesitate dragging the pair to the 1.2670 and the 1.2650 supports. Meanwhile, the 1.2900, the 1.2940 and the 1.2960 can offer immediate resistances to the pair during its pullback before highlighting the 1.3000–1.3010 area. ...
The US dollar finally broke above the Canadian dollar during the trading week, clearing the 1.30 level. This is an area that has been important more than once in the past, but I do see a lot of noise above, so it could be very noisy.
With its another bounce towards the 1.3000–1.3010 horizontal-region, the USDCAD seem capable enough to surpass the same during this time and may even rise to 61.8% FE level of 1.3040. In case if the pair again fails to clear the 1.3010, the 1.2920 and an upward slanting trend-line, at 1.2865, can entertain counter-trend traders. Alike USDCAD, the EURCAD is also near to short-term important resistance-line, it’s a week-long descending TL figure of 1.6050 in this case, breaking which the pair can rally to the 1.6120 and then to the 61.8% FE level of 1.6215.
The USD/CAD has formed inverted head and shoulder bullish pattern. The right shoulder has been formed, however the price could still retrace down before a possible bounce. At this point the price might go straight up (from 1.2943) or retrace exactly to POC then bounce. 1.2895-1.2915 is the POC zone so pay attention to it. Targets are 1.2990 – confluence of W H5 and M H3 camarilla pivots. This is a strong resistance zone and the pair needs a 4h close above 1.3000 to proceed further up. In that case, it could even target M H4 in upcoming days. As long as the pair is holding above 1. ...
The US dollar was choppy against the Canadian dollar during Wednesday trading, reaching down towards the 1.29 level. It appears that the 1.3 level is going to continue to be very resistive, and therefore I think a pullback is imminent.
The US dollar rallied against the Canadian dollar initially during the week but ran into a lot of trouble at the 1.30 level above, an area that has been important more than once. By rolling back over, we ended up forming a shooting star which of course is a negative sign. That could have sellers jumping back into this market.
Following its failure to extend the 1.2915-20 region-break beyond 1.3000–1.3010, the USDCAD has been struggling between the 1.3010 and the 1.2860. However, overbought RSI and expected recovery of the CAD might drag the pair back to 1.2840 and then to the 1.2800 if the 1.2860 is conquered. During the pair’s additional downturn below 1.2800, the 1.2755, an upward slanting TL figure of 1.2700 and the 200-day SMA level of 1.2680 could gain sellers’ attention. Should the pair manage to close beyond 1.3010, the 1.3045 and the 1. ...
11k USD is becoming a nemesis for Bitcoin. Recent developments around this crypto pushed the price even lower, below the support on 10k USD – strong psychological barrier. With that breakout, we have high chances to see the 8,7k USD soon. As long as we stay below the 11k USD we don’t have any buy signal whatsoever.
Following some solid trade figures out of China this morning and a better than expect GDP number out of Japan, there may be more fuel in Trump’s belly to roll out punitive trade tariffs that will likely lead central banks to hit the pause button
The US dollar has exploded to the upside during the trading week, breaking above the top of a shooting star from the previous week. We are now testing significant resistance, so although the market looks very positive, it has some work to do.
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Yahoo Finance's Jared Blikre and Alexis Christoforous break down the latest market action.