Canada Retail Sales better than expectations. USDCAD moves lower but holds the double bottom.
The Canada Retail Sales were much better than expectations as it rose by 1.0% and +1.1% ex Autos versus expecations of +0.6% and +0.4% respectively. Moreover, the prior months were revised higher to +1.0% and +0.7%. The better data has led to a lower USDCAD (higher CAD$). However, the lows for the day have held (double bottom at 1.0558). Just prior to the release the price spiked higher but reversed.
The pair should continue to be pressured with the combination of a weaker dollar and strong economic fundamentals from Canada. Confirmation of the downside would come from a breaking of the double bottom at the 1.0558 level (see chart below). On the topside, the bearish bias shifts if the price moves above the 100 hour moving average at the 1.0595 level (see blue line in the chart above). In addition the 100 bar MA on the 5 minute chart is moving down toward this level which makes the level a key level for the bears. As a result, we should see sellers against this level on rallies.
Loading ...
i m specially trade in usdcad and i have 20 buy in different price so what should i do?
The USDCAD has been under pressure and remains below the 100 bar MA on the 5 minute chart currently at the 1.0563. Until that level is breached to the upside, the bias remains to the downside. Greg
——————————————————————————–
Trading in the Foreign Exchange market involves a significant and substantial risk of loss and may not be suitable for everyone. You should carefully consider whether trading is suitable for you in light of your age, income, personal circumstances, trading knowledge, and financial resources. Only true discretionary income should be used for trading in the Foreign Exchange market. Any opinion, market analysis or other information of any kind contained in this email is subject to change at any time. Nothing in this email should be construed as a solicitation to trade in the Foreign Exchange market. If you are considering trading in the Foreign Exchange market before you trade make sure you understand how the spot market operates, how FXDD is compensated, understand FXDD’s trading policy and rules and be thoroughly familiar with the operation of and the limitations of the platform on which you are going to trade. This message and any files transmitted with it are confidential and intended solely for the use of the individual or entity to whom it is addressed. It may contain sensitive and private proprietary or legally privileged information. No confidentiality or privilege is waived or lost by any mistransmission. If you are not the intended recipient, please immediately delete it and all copies of it from your system, destroy any hard copies of it and notify the sender. You must not, directly or indirectly, use, disclose, distribute, print, or copy any part of this message if you are not the intended recipient. FXDirectDealer, LLC reserves the right to monitor all e-mail communications through its networks. Any views expressed in this message are those of the individual sender, except where the message states otherwise and the sender is authorized to state them. Unless otherwise stated, any pricing information given in this message is indicative only, is subject to change and does not constitute an offer to deal at any price quoted.