Well Canada is bipolar. It's shaky in the east, but the fundamentals for western Canada are fundamentally bullish. With the most notable exception of natural gas, most resources are highly profitable today. Using new technologies, even the heavy oil sands, which are said to contain more oil than in all of Saudi Arabia, is quite profitable in the US$60-70 range, with an 86-cent loonie and especially with $4 nat gas.

This USD/CAD Pair appears to be topping out around the 1.1636 Price area on the 4H Chart with 12Bar William's %R confirmation ... therefore I am observing the Buying strength above 1.1598 ... as well as the Buying strength between 1.1598 and 1.1513 as this will likely be the Price area of liquidation ... anything below 1.1513 has yet to be calculated if and when breached. Brave Souls (or those with Accounts left) may want to take a small Short position on the way down.

Hi

Do u think price will go below 1.15130 today......

The way my chart looks on daily chart, the price is currently between long term support and resistance lines.
If it breaks the resistance at 1.1653 and closes above that today, I believe it will be going up.
If it can't break the upward resistance and closes below the support line, it will be hitting the long term support line started on 11/06/2007.

Any thoughts ??
Attached 2 charts. Both are same but one is with a closer look.

Attached Thumbnails

 

 

Now this USD/CAD Pair will attempt to remain above 1.1492 on the Daily as a draw back up to above 1.1566 plays out ... this is where weakness or strength will reveal itself before the next Swing transpires ... so pick your poison. There's going to be alot of Trader's Buying back into this market ... even as it drops ... so does this mean that this Pair will therefore continue to Climb? ... because it won't continue to Climb if they don't hold onto their Long positions ... now will it?

Why has USD/CAD lost nearly 200 bp in last 10 hrs?

The truth will be out soon, earnings will be the true test to this recovery/green shoots/bear market rally...etc

that will be the moment of truth for all of us....

From the March 9th High of 1.3066 to the June 1st Low of 1.0787 back up to today's High (July 1st) of 1.1658 ... a perfect Time fulfilled Andrews Pitchfork appears on the Daily ... signalling a coming decline in the USD/CAD Currency Pair. Just an observation for anyone who may be interested in this sort of thing.

Where did you draw your initial A point (middle trend line?)
I do not have that in my software indicators so I can not apply it to see the upper and lower trend lines of the fork

we have an down outside day....so I assume you will be able to trade in the channel

I thought with OIL today this thing will jump to 18...my limit order was at 1.1765 but did not happen ....oil looks unstable....so fasten your seat belt

you have a very sharp technical eyes, how many years you have been trading?

UP CHANNEL remains intact since June 2 and its interim support stands at 1.1450, with the bottom of the channel at 1.1410. Still look for USDCAD to regain 1.1630 and 1.1740

Now that this USD/CAD Pair has Traded back above 1.1566 after yesterday's drop ... continued activity above 1.1546 and into the 1.1566 Price area will determine continuation of the recent advance ... below 1.1546 may set up for more downside.

Usd/Zar: While we are not inclined to recommend any formal position in the pair, we are very attracted to the idea of establishing long positions at current levels, with a potential upside that looks extremely compelling. The market has been in a virtual free fall since early 2009, with the Rand gaining well over 20% against the USD to standout as the best performing currency on the year. However, the USD has now declined back to former longer-term resistance now turned support from August 2007, and with daily and weekly studies looking stretched, we see good reason for some fresh USD buying and Rand profit taking at current levels. Shorter-term price action shows an end to a sequence of 56 consecutive negative daily closes of lower highs and lower lows after the market failed to break lower on Wednesday and has just taken out Wednesday’s highs today. The Rand has also been highly correlated with price action in equities (0.64) and given our view that equities are likely to start to pull back, we see good reason for the Rand to sell-off as well. It seems as though officials have become less optimistic with the recovery prospects for the global economy, instead favoring more of a double dip recovery over a “V” shaped bottom, and any deterioration in investor sentiment resulting from this will ultimately weigh on the emerging market currency. Look for the market to start to carve out a bottom, with a minimum upside extension now seen back towards 8.28, above which should formally shift the overall structure and open a fresh wave of medium-term buying. Any dips back towards the recent 2009 lows at 7.66 and psychological support at 7.50 should be used as an opportunity to build on long positions.

All my best,

Joel

Is it when Canada finance takes a day off the market is looking for a quick buck and figures CAD is the target?
Monday May 18th was the previous holiday and I was looking at this mystery that time also.
Humm... I wonder?
I'll keep watching for this trend for future Canada holidays.

Monday Aug. 3rd is a Civic Holiday (is all finaince closed across Canada this day?)
Monday Sept. 7th is Labour day.

Cheers!!

Good call from me two days ago from 1.143 to 1.1630 ..

An intermediate drop from Today's and yesterday's Highs around the 1.1635+ area still isn't out of the question as this USD/CAD Pair settles off into Friday with 12 Bar 4H William's %R now favouring a retracement to the downside. Consider anything above 1.1635 suspect and in support of the Bull's once again ... should we get back up there before Week's end.