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USD / CAD (USDCAD)

derishus · 17 · 13453

derishus

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on: Oct 22, 2010, 04:57 PM
Trading strategy for USD/CAD

Post Merge: Oct 22, 2010, 04:58 PM
10/22/2010 US Session.

USD/CAD approaching key demand zone at 1.0350-375. Short at 1.0350, take profit at 1.0230. What do you guys think? Or will US dollar be too strong ahead of G20 meetings?
« Last Edit: Oct 22, 2010, 05:02 PM by FutureGizmo »


JonathanLouReyes

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Reply #1 on: Feb 01, 2013, 02:59 PM
Trade Idea: Buy USD/CAD at 0.9922 (Feb 1, 2013)

DON'T ENTER JUST YET! USD/CAD seems to be trending upwards, breaking the 1.0040 resistance. However, it started to retrace as it hit 1.0100. Following a classic Fibo 61 setup, we are looking at a continuation of a bullish trend at 0.9922. The movement for the past week has been really strong so its best to wait until we get great reversal signals like a hammer before we enter. Happy Trading!

Visuals:
http://forexcoachjonathanloureyes.blogspot.com/2013/01/trade-idea-buy-usdcad-at-09922-feb-1.html


DavidApol

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Reply #2 on: Sep 20, 2013, 04:18 PM
The Loonie’s Better-Than-Expected Trend to Continue?



Canada has been surprising market expectations as actual releases always exceeded forecasts. Actual data always beat market expectations, which indicates that there is more to the Loonie than a lot of people think. On the other hand, the FOMC aftermath has led to a depreciation on the value of the Buck.

To read the full recommendation, please click this link: http://metisetrade.com/index.php/research?menu=s-fundamentalreport&code=DAAP


DavidApol

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Reply #3 on: Sep 24, 2013, 03:58 PM
Scheduled Economic Releases to Serve as Fuel for the Loonie

Last week, majority of Canada’s significant market movers beat market expectations as the actual figures surpassed the forecasts. On the other side, the US flash manufacturing PMI figure came out at a disappointment, showing up lower than both the forecast and previous. For today’s American session, the Loonie is still expected to rally against the Buck, as forecasts remain to favor the former.

To read the full recommendation, please click this link: http://metisetrade.com/index.php/research?menu=s-fundamentalreport&code=DAAP


MetisEtradePR

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Reply #4 on: Sep 25, 2014, 06:42 PM


Support and Resistance Level

The loonie’s bullish trend has remained strong after bouncing back from long-term support at 1.06. Presently, however, the price is far from channel support at 1.09036 so waiting for a good buy near the said level is recommended. Conservative traders could wait for a bounce from this support level before going long on the pair. Initial take profit could be made when the price approaches resistance at 1.11355.



Trend Indicators

The 100-day (red line) and 200-day (blue line) simple moving averages show that the currency is presently consolidating as the moving averages hover close to each other. A support zone from these is formed from 1.08594 to 1.09327. These levels could be tested in the next few days, but will most likely hold. Finally, a strong bullish trend could be expected if these SMAs cross, and the faster moving average overlaps the slow moving average.





Oscillators


The relative strength index on the daily chart supports the trend shift that occurred in the currency as the index broke pivot level 50 last July. Currently, the index is at 59.99, still indicative of strong bearish momentum in USDCAD. Slight correction up to RSI level 50 is possible, coinciding with a minor pullback in prices.


Trading Plan

« Last Edit: Sep 25, 2014, 06:50 PM by MetisEtradePR »


MetisEtradePR

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Reply #5 on: Oct 09, 2014, 07:07 PM


The FOMC meeting minutes released recently somehow brought some balance to the strong hawkish sentiment that has been stirring these past few months. Firstly, several members of the committee conveyed their belief that an interest rate adjustment would still take a considerable time as inflation is expected to remain below the 2% target for the next few years. The Fed maintained that the timing of a rate hike would still depend on future economic data. Also, changes in policy rates would be made in a gradual and predictable manner, should a decision for adjustment ensue. Aside from this, US policy makers expressed their concern on the risks to global growth brought by the slowdown in Japan and the Euro area. While Canada and China have somehow rebounded from weak first quarters, the Japanese economy has contracted harshly after the consumption tax increase in April and economic activity in the Euro zone has stagnated. Finally, the some members worried that a strong dollar is actually curtailing growth in the US external sector and is slowing the inflation increase.


MetisEtradePR

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Reply #6 on: Oct 24, 2014, 05:55 PM


Support and Resistance Level

A buying opportunity could be seen in USDCAD as the currency is presently testing support at 1.12011. Investors could buy after a bounce from the said level, taking profit near resistance at 1.13708. The medium term trend for the pair is still bullish as suggested by the higher lows formed in the price channel.

Trend Indicators

The period-100 (red line) and period-200 (blue line) simple moving averages on the 4-hour chart supports uptrend in USDCAD as the fast moving average trends above the slow moving average. Immediate support from the 100 SMA could be found at 1.12161, while secondary support from the 200 SMA is at 1.11342.

Oscillators

The relative strength index in the 4-hour chart confirms the medium-term bullishness in USDCAD as the indicator forms lower lows, similar to the price chart. An upward movement would be confirmed after a bounce from RSI level 40. The oscillator is currently at 44.12, suggesting an impending break or bounce.


MetisEtradePR

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Reply #7 on: Oct 29, 2014, 06:01 PM


On tomorrow’s interest rate decision, the Federal Reserve is expected to maintain interest rates at 0.25%. The Greenback has generally been strengthening for the past three months on bets that the signs of improvement in some sectors of the economy imply that the central bank will raise interest rates earlier than expected. Although the asset-purchasing program will certainly end this month, there is a possibility for the US Dollar to weaken in the short run on speculation that the Fed will be dovish on tomorrow’s Fed statement. Mixed economic data and the risk of the global slowdown will most likely influence the Fed to point out that interest rates need to be accommodating. Fewer speculators expect an interest-rate hike by October 2015.


MetisEtradePR

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Reply #8 on: Nov 13, 2014, 05:43 PM


Support and Resistance Level

The US Dollar has generally been rising against the Canadian Dollar since July 2014. After the rally which made USDCAD reached its high since 2009, the currency pair is expected to temporarily weaken and to test the channel support of the uptrend at 1.12224. A buy position should be taken at this test to capture the rebound from this support level. Profit-taking should be done near the 1.4435 resistance level.

Trend Indicators


The 10-day (red line), 20-day (blue line) and 50-day (orange line) simple moving average of the daily chart reveals that USDCAD has been moving in an uptrend since August 2014. Historically, the currency pair bounces back after touching the 50-day SMA as this serves as a strong support of the uptrend. This confirms that there is a possibility for the currency pair to test the support level first before pursuing its uptrend.

Oscillators

The relative strength index (RSI) level of the four-hour chart reveals that the currency pair is currently at the 43.50 level. A retest of the 40.0 RSI level confirms that the currency pair will go down first before going up.


MetisEtradePR

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Reply #9 on: Nov 21, 2014, 05:30 PM


Support and Resistance Level


For the past five months, USDCAD continues to move in an uptrend. The buy position should be adjusted in order to take advantage of the trend continuation. A buy should be executed after prices rebound from the 1.12653 channel support of the uptrend. Profit-taking should be done before the currency pair reaches the near resistance level at 1.13862.

Trend Indicators

The 10-day (red line), 20-day (blue line) and 50-day (orange line) simple moving average confirms that the currency pair will continue to move in an uptrend as long as the shorter-term SMAs are above the longer-term SMA. The 50-day SMA serves as a strong resistance level of the uptrend.

Oscillators

The relative strength index of USDCAD four-hour chart reveals that the currency pair is neither overbought nor oversold. The RSI is currently at 45.30. The currency pair will generally be moving in an uptrend as long as the RSI level is between 40 and 80.


MetisEtradePR

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Reply #10 on: Dec 01, 2014, 05:14 PM


Last week, USDCAD increased by over 200 pips on strength of the US Dollar against commodity dollars after oil prices fell to a five-year low. Oil prices to its lowest in five years after OPEC decided to keep oil production unchanged despite oversupply.  Given that Canada is a main producer and exporter of oil, the decision not to cut global oil production has a huge impact on the Canadian economy. The decline in oil prices will possibly influence a lower fourth quarter economic growth. Canada’s economic growth for the third quarter is estimated to have risen by 2.1% over the past year, slower than the previous quarter’s 3.1% economic growth. The growth data is slightly lower than the 2.3% growth projection for the quarter.


MetisEtradePR

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Reply #11 on: Dec 04, 2014, 06:50 PM


The US non-manufacturing sector expanded faster than expected. The US non-manufacturing PMI was reported to be at 59.3 for the month of November, higher than the expected 57.5. This was reported to be the second highest level since August 2005. The figure is also higher than the previous month’s 57.1 index. A separate report also showed that private payrolls rose by 208,000 in November, 176,000 of which were from the non-manufacturing sector. These reports confirm that the improvement in the US economy is not significantly affected by the global slowdow


MetisEtradePR

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Reply #12 on: Jan 26, 2015, 04:43 PM


Support and Resistance Level

USDCAD has been moving in an uptrend for over two years. A buy position is recommended after 1.24781. The uptrend is expected to continue until the resistance level at 1.27079 is reached. Profit-taking should be done before this resistance level.

Trend Indicators

The 10-day (red line), 20-day (blue line) and 50-day (orange line) simple moving average of USDCAD confirms that the currency pair has generally been moving in an uptrend. The simple moving average can serve as a support level of the uptrend.

Oscillators

The relative strength index (RSI) of the USDCAD hourly chart confirms that the currency pair has been moving in an uptrend given that the RSI is above 60.0. The RSI level is currently at 61.90.


MetisEtradePR

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Reply #13 on: Feb 12, 2015, 03:50 PM


Data to be released later is expected to reveal that sales declined by 0.4% for the month of January. Increased purchasing power brought about by lower oil prices possibly influenced improvement in sales last January. Given that retail sales are a gauge of consumption, data significantly better than expected could strengthen the US Dollar further.

A buy position in USDCAD is recommended


MetisEtradePR

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Reply #14 on: Feb 26, 2015, 03:23 PM


The US will release their inflation data for the month of January today. CPI is projected to have declined by 0.6% in January from the previous month. A big factor for the decline in the prices of goods and services is the drop in oil prices. Given that the drop in oil prices has been a major factor in the fall of inflation, the core inflation data should have more weight in gauging the health of the economy. The core CPI reading, which disregards the changes in food and energy prices, is projected to have increased by 0.1%. The projected figure is higher than the previous month’s 0.0% increase. The fall in energy prices is expected to have positive outcomes on consumer spending due to increased purchasing power of individuals.


 


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