USDCAD

Forex Trading: USDCAD back above 100 hour moving average

Greg Michalowski — Wed, 03 Sep 2008 10:43:25 -0400

Watch the closing level for the hour. The US Factory Orders took the wind out of the dollar bears sales today. The key level to watch is 1.0629 on the hourly. Approaching 11:00 AM London/Europe closing.

Forex Trading: USDCAD runs stops on at 1.0610

Greg Michalowski — Wed, 03 Sep 2008 09:47:16 -0400

The USDCAD has indeed moved lower and hit a number of stops through the 1.0610 level. The pair also cracked the 100 hour moving average at the 106.29 level.

I am a bit surprised at the sharp move lower, but the pair is gaining momentum on the general dollar weakness as EURUSD is now above yesterdays lows, GBPUSD is comfortably above yesterdays lows and USDCHF is below yesterday's highs.

Forex Trading: USDCAD moves back below support levels on no change and BOC comments

Greg Michalowski — Wed, 03 Sep 2008 09:08:31 -0400

The USDCAD has moved back below the August 11th high of 1.0726. There is resistance before that level at 1.0689 now. (high close) Watch this level to see if it caps retracement (SEE chart above)

Forex Trading: Dollar buying picking up steam

Greg Michalowski — Fri, 29 Aug 2008 12:00:38 -0400

The dollar buying is picking up steam. USDCAD which has been the currency of the day, broke through the 1.0606 level and is now using the level as support.

EURUSD sold off through the 1.4666 level. Traders will be watching this level now. The pair broke through key support at the 1.4708 level earlier (see earlier post) and moved sharply lower away from it.

USDCAD Approaches Fibonacci resistance at the 1.0606 level

Greg Michalowski — Fri, 29 Aug 2008 11:01:43 -0400

Look for resistance/profit taking against this level. This corresponds with the 61.8% retracement level of the move down (see chart below).

USDCAD: Trades through the initial resistance at the 1.0561, key Fibonacci Retracement levels and moves higher

Greg Michalowski — Fri, 29 Aug 2008 10:25:46 -0400

The USDCAD moved through the 1.0561 level and moved higher (1.0582 is the high so far). The pair also moved through the 50% retracement level of the last move down from the high on August 12th (CLICK HERE TO SEE AN ENLARGED CHART). That level comes in at 1.0567. The 1.0561 to 1.0567 will now be watched by the longs as a level to hold. The next level of resistance comes in at the 1.0605 level which is the 61.8% retracement level of the same move lower from August 12th. (SEE PREVIOUS COMMENT).

Forex Tradings: USDCAD moves higher on weaker GDP

Greg Michalowski — Fri, 29 Aug 2008 08:59:40 -0400

USDCAD has moved higher on the back of the weaker 2nd quarter GDP data. The pair has moved above the key 200 hour moving average at the 1.0515 level. I would expect buyers against this support level (stops below the level). The high on the 26th was 1.0561. This is the first target level. The high in this move from the lows was 1.0726. The pair should move toward a test of the highs if the BOC (and the market) starts to think about a cut in rates. The market may also find some support at the 1.0530 level. This is the 38.2% retracement level of the last move down from the high price on August 12th.

Forex News Preview:USD/CAD RMPI and IPPI due out at 8:30 AM EDT

Greg Michalowski — Fri, 29 Aug 2008 07:44:35 -0400

Forex News:Canada GDP due to be released at 8:30 AM EDT

Greg Michalowski — Fri, 29 Aug 2008 07:40:59 -0400

Forex Trading: USDCAD and USDJPY move through resistance

Greg Michalowski — Thu, 28 Aug 2008 13:17:46 -0400

The pairs both move through the resistance

USDJPY watching 109.55
USDCAD watching 1.0527

The USDJPY will now target 109.93