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USD / CAD (USDCAD)

derishus · 17 · 13478

MetisEtradePR

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Reply #15 on: Mar 24, 2015, 05:37 PM


Support and Resistance Level

USDCAD in the four-hour chart shows signs of recovery after a 380 pip-drop last week. Although the currency pair USDCAD has generally been moving on an uptrend since August 2011. The currency pair is currently testing a strong resistance at 1.25421 and may breach that level. The four hour chart is also forming a triangle formation which may continue its consolidation. A buy or buy stop position may be used after the pair breach the strong support and an entry level at 1.25604. On the other hand, profit-taking should be done near 1.26345 level. In a long term projection, the currency pair is more or less may reach 1.29760 level in a medium term.

Trend Indicators

The 40-hour (red line) and 80-hour (blue line) simple moving average of the USDCAD chart confirms that the currency pair is still consolidating and may reverse to an uptrend. Both trend line the red and blue line are relatively close and may intersect that would change its trend after it breaches the triangle formation.

Oscillators

The relative strength index (RSI) of the USDJPY daily chart reveals that the currency pair is neither overbought nor oversold at 39.22.


MetisEtradePR

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Reply #16 on: Apr 15, 2015, 04:57 PM


The most recent data on retail sales and producer prices show a rebound in the US market, after contraction experienced since December. This was mostly attributed to cold weather, limiting mall visits, and, in effect, sales. Although the 0.9% rebound in month on month retail sales is lower than the 1.1% expectation, trends in long-term data remain bullish for the dollar. Lackluster growth could simply indicate than consumers are being more cautious, choosing to save more than take immediate action on the labor market improvement. Spending is likely to be stimulated further in the event of better than expected wage increase.

Producer prices also bounced back in March, growing by 0.2% after 4 months of contraction. This is mostly triggered by an increase in the final demand for energy, indicating that consumers are beginning to take advantage of low oil prices. While this situation could be profitable for the US, low energy prices is a bane to Canada, which is one of the largest oil producers in the world.


 


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