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USD/CAD to continue motoring higher

Monthly chart:
The pair is in uptrend since 2011. It broke above 38.2% retracement (of the 2002 to 2007 decline) in January and then traded around 50.0% retracement for nearly three months. In April, the pair broke back down and continued lower to clear stops below 1.20. The confluence of the broken trendline (drawn off 2003, 2004 and 2009 highs) and 38.2% retracement wasn't even properly retested before the pair resumed the uptrend. It is currently trading at eleven-year highs.
Weekly chart:
A…
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al_dcdemo avatar

UPDATE 8: Apart from GDP, there's little coming out from Canada in the week ahead. Events from the US will again be in focus: Fed speakers, CB Consumer Confidence, ISM Manufacturing PMI and NFP figures. There's resistance zone between July 2004 high (1.3385) and 1.35 which includes 61.8% retracement of the 2002 to 2007 decline (1.3470). 50 DMA has held the pair since June and is the first stronger level on the downside.

al_dcdemo avatar

UPDATE 9: Uptrend in Loonie is slow but persistent. The pair has posted (yet another) new eleven-year high today, breaking above last Thursday's high by 15 pips before pulling back. The drivers remain weak commodities and general risk-off sentiment. Hawkish comments from Fed speakers yesterday didn't help it either. First stronger intraday support is seen at 1.3385 - 1.3400 and then between 1.3335 and 1.3365. There's quite a few resistance levels stacked up ahead of the big 61.8% retracement.

WallStreet6 avatar

Great analysis and an accurate forecast!

fxsurprise8 avatar

gl! only 15 pips away right now

al_dcdemo avatar

Thanks! Let's hope it trades back above the big figure. :)

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EURo surges ahead of the ECB meeting

Euro jumped 150 pips yesterday, after details of today's Draghi speech were released to the hedge fund community tick-up in CPI and in anticipation of a deal between Greece and its creditors.
The pair stalled ahead of 1.12 and 61.8% Retracement of May 15th to May 27th decline (1.1219). On the downside, support was found just above the broken Weekly Resistance 2 (1.1130), but the stronger may come in between 1.1075 and 1.1100 (100 DMA, Daily Pivot Point, 38.2% Retracement of yesterday's rally, Mo…
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