With the US Dollar continuing full steam ahead, I just wanted to upload a quick Technical Analysis blog with a focus on USD/CAD.
We looked at the USD/CAD chart around a month ago now on that linked blog. Back then, price was pushing the upper bounds of a short-term bullish channel and we had this to say:
“I quite like the bullish nature of this test because it’s in the direction of the major trend and there seems to be some nice momentum behind the move if this 5 minute retrace is anything to go by.”
Coming back into the present, and we can see that horizontal weekly level has broken and price is pulling back inside it to retest the first intraday level of support.
As you can see on that daily chart above, price is pulling back into previous resistance that could now possibly act as support. If this does turn out to be the case, this level offers excellent risk reward for USD/CAD longs to manage their risk around.
Let us know your thoughts on USD/CAD with a Twitter mention on @VantageFX.
On the Calendar Thursday:
AUD Employment Change
AUD Unemployment Rate
GBP Retail Sales m/m
USD Building Permits
USD CPI m/m
USD Core CPI m/m
USD Philly Fed Manufacturing Index
USD Unemployment Claims
USD Fed Chair Yellen Testifies
Take advantage of opportunity in the market with Australian Forex broker, Vantage FX.
Dane Williams – @VantageFX
Risk Disclosure: In addition to the website disclaimer below, the material on this page prepared by Forex broker Vantage FX Pty Ltd does not contain a record of our prices or solicitation to trade. All opinions, forex news, research, tools, prices or other information is provided as general market commentary and marketing communication – not as investment advice. Consequently, any person acting on it does so entirely at their own risk. The expert writers express their personal opinions and will not assume any responsibility whatsoever for the Forex account of the reader. We always aim for maximum accuracy and timeliness, and FX broker Vantage FX shall not be liable for any loss or damage, consequential or otherwise, which may arise from the use or reliance on this service and its content, inaccurate information or typos. No representation is being made that any results discussed within the report will be achieved, and past performance is not indicative of future performance.