Dec 04 2016 at 07:46
I see very strong bearish sentiment in both mid and long term timeframes. I think holding a short position for a while would be beneficial. Especially as now the markets seem calm with no major news coming until tomorrow.
Trading is like football - if you don't practice you can't win the game!
The production cut have given extra leg to Canadian Dollar but the pair has failed to cheer up the oil rally due to strengthened Dollar. Technically, a break above 1.3329 would lead the pair to high 1.3450 while the immediate support level can be seen at 1.325 whereas major support is at 1.3115.
Dec 04 2016 at 09:39
Tough pair to trade lately.
Positivity
I don't think that any significant retracement will begin before the pair reaches the support at 1.3200.
The Loonie kept on back- pedaling following the surge in oil prices due to OPEC production cut. Black gold kept on driving the currency pair since the previous week. On technical ground ,break above 1.3330 would lead to next resistance which is at 1.3405 while the immediate support level can be seen at 1.3249 whereas major support is at 1.3115.
Dec 07 2016 at 00:58
The USDCAD breaks below the 1.3300 level and it may try to go and visit the 200 day EMA, around the 1.3200 zone.
The pair seems to by quite bearish of the past couple of weeks. I see contradictory signals from MACD, Momentum and Stochastic indicators on H4 chart, though, so I would avoid trading it for now as it may reverse back up in the next 24 hours.
USD/CAD is consolidating sideways, but it has also formed a spinning top bar on the daily time frame above the support at 1.3230. A move to the upside is possible.
Dec 11 2016 at 14:43
Consolidation continues.
Positivity
