Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

4x Target

USDCAD Discussions

Recommended Posts

As the week comes to a close we bring to you two pairs today. The CAD pairs from the USD and YEN series. Expecting the Canadian Dollar to weaken against the US Dollar and Yen.

The charts below explain how the movement is expected to happen.

Happy trading everyone & have a good weekend!

Best

TradeCuts.

5aa711c19d464_usdcad1mar.jpg.65f2ab1fe581586e030dc7ae0ef562ad.jpg

5aa711c1a5e60_cadjpy1mar.jpg.5e60c07ee25b62b754c1793d6898744d.jpg

Share this post


Link to post
Share on other sites
12_11_11_USDCAD_4H

 

Negative divergence points to a short term pullback on 5th wave

attachment.php?attachmentid=32770&stc=1&d=1352683618

 

Hi Auto trader,

Could you please expand on this divergence theory that you are using. I would be really interested to know how it works. Have you seen good results with this theory? If yes, approximately what percentage?

Thanks

TradeCuts.

Share this post


Link to post
Share on other sites

Lets look back to USDCAD and remember that last week we saw a triangle/bullish flag, a bearish divergence, AND a resistance level approaching. Here we are today dealing with those sings and signals. From 1.11 the price has fallen sharply and given me confirmation that my signals and indicators (tho they're delayed) did not steer me in the wrong direction.

Share this post


Link to post
Share on other sites

Crude oil remains Canada's biggest dollar export, and this will continue, but the dollar amount may be reduced because of the global oil glut. The Canadian economy is much more than oil or commodities, but the energy sector has the biggest impact on the price of the loonie. The question is where might the loonie be trading if WTI crude were tp sell down into the seventies.

2_usdcad-d1-excel-markets.png.ce778c43dfafe0d16bbac9a855187342.png

Share this post


Link to post
Share on other sites

Washington special interests once more prevailed this week when they denied passage of the proposed Canadian Keystone XL pipeline. It has now been six years since initially proposed, and for six years the US government has failed to give Canadian permission to construct this pipeline. As proposed it would ship about 800,000 barrels of oil per day from Alberta Canada to Cushing Oklahoma, and subsequently to the US Gulf.

 

Failure to pass the bill in the US Senate was initially viewed as bearish news for the loonie, but the sell off did not last long. Passage was a long shot at best in the current lame duck session, so traders should not be surprised at the out come.

Share this post


Link to post
Share on other sites

While oil consumers get a bonus, the producers income takes a hit. Recently Canada had been producing and exporting over 3 millions barrels of oil per day to the US. A 50% reduction will negatively affect the Canadian balance of trade and slow their economy as investment and employment in the oil patch slows. Their currency, in part because of the energy price, has been depreciating.

 

We have two apparent mega trends, demand for safe haven pounds and a disdain for the Canadian Dollar. Since November the GBPCAD has soared from 1.75 to 1.9250. This is a big move, but if we look at a monthly chart the pound may be breaking out, with blue sky above, and perhaps as much as another 1000 pips or more if the fundamental trends continue.

Share this post


Link to post
Share on other sites

Technically the pair is at the bottom of its 1.2800-1.2400 range and a sharp break below would suggest a distribution pattern. But if the range holds it may simply be a consolidation in what could still be a long term up trend.

USDCAD_04_15.2015-470x450.jpg.f5feed8bf203ffc1e4ae2854e2a73642.jpg

Share this post


Link to post
Share on other sites
Technically the pair is at the bottom of its 1.2800-1.2400 range and a sharp break below would suggest a distribution pattern. But if the range holds it may simply be a consolidation in what could still be a long term up trend.

 

Yeah the pair continued uptrend I expect it to test 1.31 soon on NFP.

Share this post


Link to post
Share on other sites

The Canadian dollar continues to gain ground, and has inched higher in the Thursday session. Currently, USD/CAD is trading at 1.2891, down 0.10% on the day. On the release front, there are no Canadian data releases. In the US, unemployment claims rose to 229 thousand, higher than the forecast of 225 thousand. On Friday, the US releases durable goods and housing reports.

It’s been a good week for the Canadian dollar, which has gained 1.6 percent against the greenback. This has erased most of last week’s losses. There has been some good news on the NAFTA front, as the US appears to have softened its rigid negotiation position. 

Share this post


Link to post
Share on other sites

What are your thoughts guys on near-term price direction? Should we expect that dollar will appreciate further pressuring CAD? Oil market looks really fragile and it is well-known that CAD is quite sensitive to commodity price swings.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Similar Content

    • By ridhuanuzz
      Here are some trading courses that I know they have experienced trader as a teacher:
      - Stock Trading & Investing for Beginners by Udemy
      - Consistent Profits from Stocks With AI Assistance In Just 10 Minutes a Day! by Snap Academy
      - Trend Following For Stocks by Decodingmarkets
       
      Give me advice which one is the best to join?
    • By Jonh Smith
      I searched in google with keywords best forex robot 2019 and in the end I found fxflightproEA from their website fxflightpro.com . if anyone has ever bought, I was interested in their ea. I saw a very small drawdown, and monthly profit looks great.and I see myfxbook profit reaching 50% in 50 days. if there are buy please review here and I say thank you if anyone would like to share here.

      thanks
    • By sergio
      Hi,
      We are doing a university job where we must investigate how banks manage their financial products that require trading, for example, they offer a fund, as they manage capital internally. Could you help me?
      Thank you!
    • By StraussX
      Hi GUYS, Happy Wednesday!
      I'd like to share daily forex analysis from Followme, hope this information helps your trading.
      Today, Let's focus on AUD and NZD.
      AUDUSD is trading at 0.6761; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 0.6765 and then resume moving downwards to reach 0.6635. Another signal to confirm further descending movement is the price’s rebounding from the descending channel’s upside border. However, the scenario that implies further decline may be canceled if the price breaks the cloud’s upside border and fixes above 0.6825. In this case, the pair may continue growing towards 0.6905.
       
      NZDUSD is trading at 0.6447; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 0.6455 and then resume moving downwards to reach 0.6315. Another signal to confirm further descending movement is the price’s rebounding from the resistance level. However, the scenario that implies further decline may be canceled if the price breaks the cloud’s upside border and fixes above 0.6525. In this case, the pair may continue growing towards 0.6645.
  • Topics

  • Posts

    • Date: 29th March 2024. GBPUSD Analysis: The Pound Trades Higher But For How Long? The global Stocks Markets are closed due to Easter Friday (Good Friday). The NASDAQ continued to follow the sideways trend while other indices again rose. The SNP500 reaches an all-time high, but the NASDAQ remains under pressure from Tesla, Meta and Apple. The Euro continues to trade lower against all major currencies including the US Dollar, Euro and Japanese Yen. The British Pound is the best performing currency during this morning’s Asian session. However, investors are largely fixing their attention on this afternoon’s Core PCE Price Index. GBPUSD – The Pound Trades Higher but For How Long? The GBPUSD is slightly higher than the day’s open and is primary due to the Pound’s strong performance. At the moment, the British Pound is increasing in value against all major currencies. However, the US Dollar Index is also trading 0.10% higher and for this reason there is a slight conflict here. If investors wish to avoid this conflict, the EURUSD is a better option. This is because, the Euro depreciating against the whole currency market avoiding the “tug-of-war” scenario. The GBPUSD is trading slightly lower than the 2-month’s average price and is trading at 49.10 on the RSI. For this reason, the price of the exchange is at a “neutral” level and is signalling neither a buy nor a sell. The day’s price action and future signals are possibly likely to be triggered by this afternoon’s Core PCE Price Index. Analysts expect the Core PCE Price Index to read 0.3% which is slightly lower than the previous month but will result in the annual figure remaining at 2.85%. The PCE rate is different to the inflation rate and the Fed aims for a rate between 1.5% to 2.00%. Therefore, even if the annual rate remains at 2.85%, as analysts expect, it would be too high for the Fed. If the rate increases, even if only slightly, the US Dollar can again renew bullish momentum and the stock market can come under pressure. This includes the SNP500. Investors are focused on the publication of data on the UK’s gross domestic product (GDP) for the last quarter of 2023: the quarterly figures decreased by 0.3%, and 0.2% over the past 12-months. This confirms the state of a shallow recession and the need for stimulation. The data, combined with a cooling labor market and a steady decline in inflation, increase the likelihood that the Bank of England will soon begin interest rate cuts. In the latest meeting the Bank of England representatives did not see any members vote for a hike. USA500 – The SNP500 Rises to New Highs, But Cannot Hold Onto Gains! The price of the SNP500 rises to an all-time high, before correcting 0.33% and ending the day slightly lower than the open price. Nonetheless, the index performs better than the NASDAQ which came under pressure from Tesla, Meta and Apple which hold a higher weight compared to the SNP500. For the SNP500, these 3 stocks hold a weight of 9.25%, whereas the 3 stocks make up 14.63% of the NASDAQ. The SNP500 is also supported by ExxonMobil’s gains due to higher energy prices. The market will remain closed on Friday due to Easter. However, the market will reopen on Monday for the US and investors can expect high volatility. Investors will also need to take into consideration how the PCE Price Index and the changed value of the US Dollar is likely to affect the stock market next week. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou Market Analyst HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • MT4 is good and will be good until their parent company keep updating the software, later mt4 users will have to switch to mt5.
    • $SOUN SoundHound AI stock at 5.91 support area , see https://stockconsultant.com/?SOUN
    • $ELEV Elevation Oncology stock bull flag breakout watch , see https://stockconsultant.com/?ELEV
    • $AVDX AvidXchange stock narrow range breakout watch above 13.32 , see https://stockconsultant.com/?AVDX
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.