USDCAD Forex Technical Analysis for June 16, 2016
Technical Analysis – The USD/CAD pair rose during the day on Wednesday, crashing into the 1.29 level. At this point in time, this is a pair that can be very volatile due to the fact that we get the Crude Oil Inventories number coming out on Wednesday and of course the FOMC Statement which at the time of writing has not been released. There is a lot of noise above here though, and I believe that the 1.30 level will cause quite a bit of resistance. Ultimately, looking for an exhaustive candle might be a nice trade, but at this point in time I don’t see it.
In Other View Point – usdcad move a potential 2618 trade
usdcad move a potential 2618 trade ,,eyes on price forming the 0.618 area, left have good horizontal resistance. we can see a liber pattern is also forming . rsi divergence. key entry at this area to short. aim for bullish bat pattern entry
In Other View Point – USD/CAD clings to gains above 1.2900
The Canadian dollar remains on the defensive vs. its American neighbor today, with USD/CAD now easing from highs and returning to the 1.2925/20 band.
USD/CAD attention to US docket, oil
Spot keeps its rally well and sound today, advancing since last Thursday and so far managing to keep the trade above the 1.2900 handle.
Declining oil prices have been the exclusive driver behind CAD weakness, offsetting the renewed offered bias around the dollar in the wake of a cautious FOMC at its meeting yesterday.
Ahead in the NA session, US May CPI figures are due, seconded by the usual report on the labour market and the Philly Fed manufacturing survey.
USD/CAD significant levels
As of writing the pair is up 0.19% at 1.2932 facing the next hurdle at 1.3000 (psychological level) followed by 1.3145 (high May 30) and finally 1.2985 (23.6% Fibo of 1.4692-1.2458) and finally 1.3191 (high May 24).