U.S Dollar Drops Against the Loonie, Unemployment Claims Higher
The U.S dollar drops against the Canadian Loonie, as the U.S unemployment claims are higher than expected. Unemployment claims came out at 417K, but was forecasted to be at 403K this week. Intraday bias for the USD/CAD remains on the upside, as long as the 0.9600 minor support line is not broken.
USDCAD, USD, CAD, us dollar, canadian dollar, loonie, hidden bearish divergence, ron acoba, daily forex picks
It’s been awhile since I posted about the forex market. But guess what? I’m back in the FX trading arena! So as I was scanning through the charts of the major currency, the USDCAD got my attention in a snap!
Aussie Poised to Make Another Run Against the Loonie
Welcome to another week of FX trading! Contrary to my post last October 5 (kindly see it here), the AUDCAD did not encounter any resistance at its previous high at 0.9200. Instead, it broke right above it to form an ascending triangle pattern. In such pattern, buyers are deemed to be the more aggressive than the sellers.
Canadian Dollar to Make a Comeback Against the Aussie?
Good day FX friends! Today, I present to you a look at the currency cross, AUDCAD. As you can see from its weekly chart, the pair has been trading very well since it touched a low of 0.8579 back in June this year. Since then, the Australian dollar was able to take the Loonie’s number as the pair hit parity (1.0000) and even went on to reach a high of 1.0023 last September 23.
Canadian Dollar Remains Weak Versus the Yen Despite BOC Rate Hike
Good day FX peeps! To cap the week I present to you an update of the CADJPY. You see, the pair has consolidated within a small symmetrical triangle after it broke down from a bigger descending triangle formation. As of the moment, the pair is already nearing the apex of symmetrical triangle. This suggests that a break out whether to the upside or to the downside is imminent.
Welcome to another week of forex trading! In today’s FX feature is the daily cast of the CADJPY. As you can see from the chart, the pair broke down from a descending triangle pattern. Since then, it has been trading between 78.60 and 81.70. Last Friday, we the Canadian dollar rallied against the Japanese yen to push the CADJPY pair closer to where the former support of the triangle.
Canadian Dollar Slips on Bleak Employment – August 9, 2010
Welcome to a brand new week of forex trading! On today’s canvas is the 4-hour chart of the USDCAD pair. As you can see, the pair has been trending south for the past month. After hitting a new 3-month low of 1.0107 on August 5, it then rallied strongly. At present, it is trading below 1.0300. A break above this could send it to 1.0350 or at 1.0400.
Canadian Dollar to Rise This Week? – July 19, 2010
Well technically, the daily chart of the CADJPY pair is a bit ugly. As you can see, the pair has just been ranging for the past several months. Presently though, it appears to have found support at the psychological 82.00 level. If this support holds, it can reach its previous high near 86.50, 90.00 or even near 95.00. But if it does not, the 80.00 marker should be able to carry it on its back.
It's Now the Euro's Turn to Beat the Loonie! - July 16, 2010
In my last post about the EURCAD pair several days ago (July 9), I mentioned that the Loonie could be preparing for a revolt against the Canadian dollar. Back then, the pair already broke its downtrend line and appeared to be in the phase of forming the right shoulder of an inverted head and shoulders pattern. However, the pair did not fall back down to the bottom of the left shoulder.
Euro: Preparing for a Reprisal Against the Loonie? – July 9, 2010
Hello FX fans! In my blog back in June 24 (please check that entry here), I thought that the EURCAD would continue to slide as it traversed a nice looking descending channel. After just four days of trying to break through the downtrend resistance, the buyers eventually won, causing an immediate upsurge in prices.