USD/CAD

Forex Trading - USD/CAD Holding a Strong Upward Trend

Alex Chernomordin — Wed, 30 Jul 2008 05:31:25 -0400

Beginning on July 14th following the news release of Fannie Mae and Freddie Mac possibly defaulting and the all time high print on oil (147.90), the USD/CAD traded in a tight range for a few sessions before the break to the upside detailed below. Currently with declining commodity prices across the board, particularly oil, the USD/CAD pair has had a strong bid since they were at parity on July 22nd. Trading in a strong channel between daily support and resistance, along the 50 day moving average, it will be interesting to see the pair's reaction to commodity price fluctuations and US economic data later in the week.

Forex Trading - USD/CAD Trading against 200-day Moving Average

Alex Chernomordin — Mon, 21 Jul 2008 06:00:20 -0400

The USD/CAD pair is trading in an upward channel ahead of resistance at the 1.0111 level. Since the pair broke below the 102 handle 2 weeks ago, the 200 day moving average has provided a strong resistance barrier down to the 1 month lows at 99.77 and back towards today's level. With the 50 day moving average quickly approaching the 200 day, a continued upward price move seems very possible.

Forex Trading: USD/CAD testing its trendline for the 3rd time...

Michael FX — Fri, 30 May 2008 06:47:05 -0400

USD/CAD testing its trendline for the 3rd time. It's unclear at this point whether it will hold. If Crude is bid in early NY, we could see this pair much lower, perhaps to the base of the current upwave. Stochastics are making it look heavy.

Forex Trading: USD/CAD looking rather congested over night...

Michael FX — Fri, 23 May 2008 06:33:51 -0400

USD/CAD looking rather congested over night. If there is a bid in Oil again today, we could see some lower USD/CAD. As you can see in the short term it has been correcting a little but on a longer term, 4 hr chart, we have some well defined down trend resistance.

On the other hand, if we see profit taking in Oil before the long weekend, USD/CAD may get a bid through the shown technical point. Only time will tell.

Forex Trading: USD/CAD getting hammered after CAD CPI data...

Michael FX — Wed, 21 May 2008 07:12:31 -0400

USD/CAD getting hammered after CAD CPI data release. Only bidders in the market seem to be shorts from earlier in the evening, covering at technical levels which are not easy to find...

Forex Trading: Another USD pair (USD/CAD) consolidating but not as many bids found due to the price and volatility of Oil...

Michael FX — Thu, 15 May 2008 06:32:16 -0400

Another USD pair (USD/CAD) consolidating but not as many bids found due to the price and volatility of Oil. Stochastics are positively converged though it's not looking particularly strong at this point. Keep an eye out for either side of the consolidation pattern for strategic entry/exit points.

Forex Trading: USD/CAD breaking a little higher as Oil sees some profit taking...

Michael FX — Tue, 13 May 2008 06:09:02 -0400

USD/CAD breaking a little higher as Oil sees some profit taking, falling over -$1.25.

Forex Trading: USD/CAD touching what looks like formation bottom in a comparatively benign CAD number...

Michael FX — Fri, 09 May 2008 07:14:55 -0400

USD/CAD touching what looks like formation bottom in a comparatively benign CAD number for Unemployment rate and change in net employment, which came out as 6.1% and +19.2k.

Forex Trading: USD/CAD getting a little bounce this hour though Crude is near its highs...

Michael FX — Fri, 09 May 2008 06:29:36 -0400

USD/CAD getting a little bounce this hour though Crude is near its highs. We have some CAD data out in ~30 min which should bring some interesting price action...

Forex Trading: USD/CAD feeling strong offer pressure, given the present volatile commodity environment...

Michael FX — Fri, 09 May 2008 05:24:40 -0400

USD/CAD feeling strong offer pressure, given the present volatile commodity environment. Oil over the past few days has been very bid in what looks like supply concerns. This has put an offered tone to USD/CAD which is particularly Oil sensitive, this is in line with London desk's previous assertions in past days. Par is not too far away at this point, so keep an eye out for the formation support shown. Should it get given through it, we could see some considerably lower levels.