Trade Idea: USD/CAD – Stand aside

Although the greenback has rebounded after yesterday’s fall to 0.9653 and consolidation with mild upside bias is seen for test of previous support at 0.9740-45, break there is needed to revive our previous bullishness and signal the retreat from 0.9817 has ended and bring stronger rebound to 0.9790, then retest

Source: ActionForexall Rss Feed

USD/CAD Bounces Off Trendline Support; 0.9750 is a Critical Pivot

The decline yesterday in the USD/CAD followed a BOC statement that the market interpret as hawkish.

This bearish action is so far contained and supported by a rising trendline seen in the daily chart above. Note that the market in the medium to long term is still bearish, as the market

Source: ActionForexall Rss Feed

Trade Idea: USD/CAD – Buy at 0.9630

As the greenback has risen again last Friday and indicated resistance area at 0.9713-22 was penetrated, adding credence to our view that wave 3 has ended at 0.9446 earlier and wave 4 is still in progress for retracement of recent decline to 0.9800 and then 0.9828 (50% Fibonacci retracement of

Source: ActionForexall Rss Feed

Trade Idea: USD/CAD – Stand aside

Current stronger-than-expected rebound suggests the wave 3 has possibly ended at 0.9446 earlier this week and consolidation with mild upside bias is seen for retracement of recent decline to 0.9700 and possibly to previous resistance at 0.9722, however, reckon upside would be limited to 0.9790/00 and bring another decline later this month.

USD/CAD Tests Bearish Momentum after 50% Retracement

The USD/CAD has retraced 50% of the decline from 0.9980 to 0.9450. The greenback is rallying against the loonie as oil prices fall.

The rally has so far been capped at 50% near 0.97. The RSI is knocking on 60, attempting to break the bearish momentum.

If a subsequent decline fails to

Trade Idea: USD/CAD – Sell at 0.9600

Despite intra-day marginal fall to 0.9446 (Friday’s low was 0.9450), lack of follow through selling and current rebound suggest consolidation would take place and retracement to 0.9550 cannot be ruled out, however, renewed selling interest should emerge around 0.9600, bring another decline later. A break of said support would extend

USD/CAD Hits New Long-Term Low

Price action on USD/CAD (a daily chart of which is shown) as of Monday (5/02/2011) has established yet a new long-term 3+ year low at 0.9445 before rebounding back up to re-test prior support in the 0.9500 price region. This occurs within the context of strong bearish environment within a longstanding overall downtrend.

USD/CAD Weekly Outlook

USD/CAD's down trend resumed towards the end of last week by breaking 0.9453 low and reached as low as 0.9445. Initial bias will remain on the downside this week for 100% projection of 1.0285 to 0.9666 from 0.9972 at 0.9353 first. On the upside, break of 0.9757 resistance is needed

USD/CAD Daily Outlook

USD/CAD was held above 0.9453 support and recovers and the development suggests that consolidation from there is still in progress. Intraday bias is turned neutral again and stronger recovery might be seen. But upside is still expected to be limited by near term falling trend line resistance (now at 0.9628)

USD/CAD Daily Outlook

USD/CAD was held above 0.9453 support and recovers and the development suggests that consolidation from there is still in progress. Intraday bias is turned neutral again and stronger recovery might be seen. But upside is still expected to be limited by near term falling trend line resistance (now at 0.9628)

Double Bottom Spotted as USD/CAD is Contained Within Channel

The 1H chart shows the USD/CAD failing to establish bearish momentum, as the RSI reading remained above 30. Also, a double bottom is spotted, and a throwback has respected the consolidation pattern.

The 4H chart shows a couple of scenarios.

The first one is that we have completed a flag pattern, and

USDCAD: US Dollar Canadian Dollar Exchange Rate Forecast