USD/CAD's steep decline last week and break of 0.9700 support indicates that choppy rebound from 0.9444 has completed at 0.9912 already. Initial bias remains on the downside this week and further fall should be seen to retest 0.9444 low. On the upside, above 0.9649 minor resistance will turn bias neutral and bring consolidations. But recovery should be limited by 4 hours 55 EMA (now at 0.
Jul 02, 2011 | ActionForex
Although price hesitation saw USDCAD taking back some of its earlier gains to close marginally higher last week, risk continues to point higher. As long as the 0.9654/69 levels hold as supports, our bias remains to the upside for the pair to recapture the 0.9852 level, its Jun 03'2011 high and then its long term falling trendline support at 0.9969.
By Mohammed Isah | Jun 20, 2011 | FX Tech Strategy
USD/CAD rose further to as high as 0.9898 last week but lacked follow through buying and retreated. Upside momentum is unconvincing with Daily MACD staying below signal line. Nevertheless, we'll stay cautiously bullish as long as 0.9670 support holds. Rebound from 0.9444 is still expected to continue to 0.9973 key resistance next (38.2% retracement of 1.0851 to 0.9444 at 0.
Jun 18, 2011 | ActionForex
USD/CAD continued to stay in range of 0.9654/9851 last week and outlook remains unchanged. With 0.9654 support intact, rebound from 0.9444 is still expected to continue. Break of 0.9851 will bring another rise to 0.9972 key resistance next. On the downside, though, below 0.9654 will suggest near term reversal and should turn focus back to 0.9444 low instead.
Jun 11, 2011 | ActionForex
Near term outlook in USD/CAD remains bullish. As noted before, a head and shoulder bottom bottom pattern should be formed (ls: 0.9525, h: 0.9444, rs: 0.9512) and 0.9444 might be a medium term bottom. Initial bias is mildly on the upside this week for 0.9792 first. Break will confirm rise resumption for key resistance at 0.9972. On the downside, though, below 0.
May 22, 2011 | ActionForex
Autochartist has identified high Quality Inverse Head and Shoulders chart pattern on the USD/CAD daily charts. The Quality of this chart pattern is rated at the 8 bar level which reflects strong values of all the contributing indicators: maximum Initial Trend (measured at the 10 bar level), above-av...
By Dima Chernovolov | May 16, 2011 | Autochartist
USD/CAD's rebound from 0.9444 resumed by taking out 0.9710/20 last week. More important, a head and shoulder bottom bottom pattern should be formed (ls: 0.9525, h: 0.9444, rs: 0.9512) and 0.9444 might be a medium term bottom. Initial bias will remain on the upside this week for 100% projection of 0.9444 to 0.9710 from 0.9512 at 0.9778 first.
May 14, 2011 | ActionForex
USD/CAD rebounded further to as high as 0.9701 last week after forming a short term bottom at 0.9444. With 0.9567 minor support intact, further rise could still be seen towards near term falling channel resistance (now at 0. On the downside, below 0.9567 minor support will flip bias back to the downside for retesting 0.9444. But break of 0.9444 is needed to confirm down trend resumption.
May 09, 2011 | ActionForex
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 to signal short term bottoming. Otherwise, outlook will remain bearish even in case of recovery.
Apr 30, 2011 | ActionForex
USD/CAD continued to consolidate above 0.9525 short term bottom last week and touched 0.9666 support turned resistance as expected. Initial bias remains neutral and some more consolidations might be seen. But even in case of another rise, upside should be limited below 0.9750 cluster resistance (50% retracement of 0.9972 to 0.9525 at 0.9749) and bring down trend resumption. Below 0.
Apr 16, 2011 | ActionForex
USD/CAD's down trend was still in progress and dropped to as low as 0.9525 last week. Initial bias remains on the downside this week with 0.9623 minor resistance intact and further fall should be seen towards 100% projection of 1.0285 to 0.9666 from 0.9972 at 0.9353. On the upside, break of 0.
Apr 09, 2011 | ActionForex
USD/CAD is moving down inside the high Quality Falling Wedge chart pattern identified by Autochartist on the daily charts. High Clarity reflects the strong agreement among the market participants regarding the downward direction of the currency pa.
By Dima Chernovolov | Apr 04, 2011 | Autochartist