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USD/CAD to continue motoring higher

al_dcdemo Posted 27 Aug. as Analysis on USD/CAD, Target: 1.3325, Date: 1st of October, 12:00 GMT  in #Technical analysis #Oil #USD/CAD #Breakout #Uptrend #Rate Cut #Strong Demand #61 8 Retracement #Eleven Year Highs #Weak Fundamentals
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 27 Sep.

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
al_dcdemo 29 Sep.

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
WallStreet6 30 Sep.

Great analysis and an accurate forecast!

fxsurprise8 avatar
fxsurprise8 30 Sep.

gl! only 15 pips away right now

al_dcdemo avatar
al_dcdemo 1 Oct.

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

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EURo surges ahead of the ECB meeting

al_dcdemo Posted 3 June  in #Trader's blog #Euro #EUR/USD #100 Dma #Weekly Resistance 2 #38 2 Retracement #61 8 Retracement #Daily Pivot Point #Monthly Pivot Point
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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