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USDCAD, a pair that finished Friday’s session with a strong push higher. So strong in fact that we have to go back to the last week of January to find a single week’s gains to match last week’s performance.But as strong as the pair’s performance was last week, there are a few factors that will keep me sidelined, at least in the short-term.The first factor being the 1.2305 resistance level. While not a level with a long history of influence, it does represent the week high from April 19th. It can also be seen rejecting the bullish advance during last Friday’s session.The second and more influential level keeping me on the sidelines is the 1.2380 handle. This was the former range low for the pair between the months of January and April. It also represents the 50% retracement from the March highs to the May lows.The third and final factor is another pair entirely in CADJPY. The pair has been moving within anascending channel since early February and has recently found significant demand at the 98.64 handle since closing above it on April 28th.For those who follow me on Twitter you have undoubtedly seen me mention this pair (and level) extensively over the past week. A quick glance at the Forex correlation table tells us that these two are heavily weighted against each other. Therefore I’d like to see the 98.64 level fall on CADJPY before considering a USDCAD long position.Summary: Waiting for CADJPY weakness below 98.64 and USDCAD strength above 1.2380 before further consideration.
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source [url=http://dailypa.wpengine.netdna-cdn.com/wp-content/uploads/2015/05/USDCAD-resistance-levels.png][/url]
USDCAD, a pair that finished Friday’s session with a strong push higher. So strong in fact that we have to go back to the last week of January to find a single week’s gains to match last week’s performance.But as strong as the pair’s performance was last week, there are a few factors that will keep me sidelined, at least in the short-term.The first factor being the 1.2305 resistance level. While not a level with a long history of influence, it does represent the week high from April 19th. It can also be seen rejecting the bullish advance during last Friday’s session.The second and more influential level keeping me on the sidelines is the 1.2380 handle. This was the former range low for the pair between the months of January and April. It also represents the 50% retracement from the March highs to the May lows.The third and final factor is another pair entirely in CADJPY. The pair has been moving within anascending channel since early February and has recently found significant demand at the 98.64 handle since closing above it on April 28th.For those who follow me on Twitter you have undoubtedly seen me mention this pair (and level) extensively over the past week. A quick glance at the Forex correlation table tells us that these two are heavily weighted against each other. Therefore I’d like to see the 98.64 level fall on CADJPY before considering a USDCAD long position.Summary: Waiting for CADJPY weakness below 98.64 and USDCAD strength above 1.2380 before further consideration.
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source [url=http://dailypa.wpengine.netdna-cdn.com/wp-content/uploads/2015/05/USDCAD-resistance-levels.png][/url]
