USD/CAD eyes the first weekly gain in five on upbeat options market signals
USD/CAD remains indecisive on a day while taking rounds to 1.3460-50 during early Friday. Even so, the Loonie pair braces for the first weekly gain in five amid upbeat signals from the options market. That said, a one-month risk reversal (RR) of the USD/CAD pair, a ratio of call options versus put options, also known […]
Bears taking on bullish commitments near 1.3450 key area
USD/CAD bears are taking on a double bottom near 1.3450 support area. Bears eye a 61.8% Fibonacci retracement near 1.3415 should the double bottom (DB) be breached. USD/CAD is eating into the bullish rally’s tracks from yesterday’s business with 1.3450/30 eyed as a potential support structure in what has been a choppy descent from above 1.3500 on […]
USDCAD ticking toward 100 day MA and cluster of resistance
The USDCAD has continued it’s run to the upside after an early move above the 200 hour MA, ultimately led to the breaking above the confined range between 1.3344 and 1.3454 (110 pips – see red box in the chart below). USDCAD moves up to a cluster of resistance The momentum higher has now taken […]
USD/CAD seen trading around the 1.37 level towards the end of 2023 – Rabobank
USD/CAD remains in a bullish trend, but recent price action has been soft. Economists at Rabobank expect the pair to head gradually higher over the coming months towards 1.37. More downward pressure in the short term “The technical picture points to more downward pressure in the short term, but we expect strong support at 1.3230 […]
A surprisingly hawkish BoC might provide further support to Loonie – Commerzbank
Canadian Consumer Price Index (CPI) growth slowed further in December. Loonie rose after the data. A hawkish Bank of Canada next week could provide furthe support. CAD stronger following publication of inflation data “Even though the overall rate eased a little more than expected to 6.3% (Bloomberg 6.4%), and the core rates (median and trim) […]
Wyckoff’s Inventory Accumulation is in making
USD/CAD is marching higher despite upbeat oil prices. Stretched consolidation after a downfall is demonstrating signs of inventory accumulation. A 40.00-60.00 range oscillation by the RSI (14) indicates a consolidation ahead. The USD/CAD pair is gradually moving towards the round-level resistance of 1.3400 after a recovery move to near 1.3370 in the Asian session. The […]
USD/CAD rebounds from seven-week low, jumps back above 1.3400 amid resurgent USD demand
USD/CAD stages a solid intraday recovery amid a strong pickup in the USD demand. Rebounding US bond yields and the risk-off impulse lifts the safe-haven Greenback. Positive Crude Oil prices could underpin the Loonie and cap the upside for the major. The USD/CAD pair rebounds sharply from the 1.3320 area, or its lowest level since […]
Stalled its rally at the 100-DMA, dropped beneath 1.3400
USD/CAD finished Friday’s session with gains, though it faltered to clear 1.3400. USD/CAD Price Analysis: Exposed to selling pressure below 1.3400. The USD/CAD prolonged its weekly losses and tumbled for the fourth consecutive week, losing 0.36%, but on the day, the USD/CAD is up 0.22%. After the University of Michigan (UoM) Consumer Sentiment release showed […]
USDCAD: Elliott wave analysis and forecast for 13.01.2023 – 20.01.2023
2023-01-13 2023-01-13 USDCAD: Elliott wave analysis and forecast for 13.01.2023 – 20.01.2023 Alex Geutahttps://www.litefinance.org/blog/authors/alex-geuta/ Main scenario: consider long positions above the level of 1.3230 with a target of 1.3975 – 1.4205 once a correction is formed. Alternative scenario: breakout and consolidation below the level of 1.3230 will allow the pair to continue declining to the […]
US Dollar Price Action Setups: EUR/USD, GBP/USD, USD/CAD, USD/JPY
US Dollar Talking Points: The US Dollar is testing another spot of support this morning at the 103 handle on DXY. EUR/USD has pushed up to a fresh seven-month-high while starting to test a big zone of resistance. USD/CAD continues to be one of the more attractive bearish USD setups while USD/JPY tests a key […]