The USDCAD is firming going into the US morning and trying to bounce off the psychologically key 1.26 whole figure level. Significantly, although the USDCAD has corrected over 300 pips since Friday’s fresh 2021 peak, the USDCAD could see fresh buying demand as early as today following the US GDP data at 830am EST, and more likely following Friday’s highly anticipated Fed comments out of Jackson Hole…
Tag: USDCAD
USDCHF Consolidation Since Late June Near Completion
The USDCHF is gaining for a 3rd straight day, fueled by yesterday’s FOMC Minutes and quickly approaching the highs of June, July and August. Significantly, the USDCHF appears poised to resume its upchannel extension (on the weekly chart), with the current weekly candle breaking above a downtrend resistance line connecting the April high to the July high…
Nasdaq100 (NQ) Weekly MACD Trying to Negatively Cross
The Nasdaq100 (NQ) sharply reversed an intraday dip yesterday, forming a daily Hammer just above the psychologically key 15k whole figure level. Significantly, although NQ could nudge higher this week towards upchannel resistance (on the weekly chart), NQ is incredibly overbought on a monthly chart, where yesterday’s brief break below the ascending wedge support (on the daily chart) dramatically increases the odds of a retest of yesterday’s low in the next few days, and a test of the July low in the next week…
S&P500 (ES) Tiring After Forming Record High
The S&P500 (ES) is tiring after forming a fresh record high Friday, hovering just below upchannel resistance (on the weekly chart). Significantly, although ES has failed to buckle in the last year amidst increasing warnings of a deep correction or crash, the ES increases in its vulnerability the more overbought it becomes…
Cocoa (CC) Weekly MACD Trying to Positively Cross
Cocoa (CC) edged higher yesterday, appearing to be gearing up for a retest of this week’s and the July high. Significantly, with CC is poised to resume momentum in its bounce off the 7 month downchannel support (on the weekly chart), with a moderately high likelihood of testing the psychologically key 2500 whole figure level by mid August…
USDCAD Consolidates Above Key 1.25 Level Ahead of NFP
The USDCAD is consolidating for a 3rd straight day just above the psychologically key 1.25 whole figure level, appearing to have halted the slide since the July high. Significantly, the USDCAD has bounced from the 50% Fib retrace of the June-July rally, with a weekly close above the weekly chart downchannel resistance coming as early as following Friday’s Canadian employment data and the highly anticipated monthly US Non-Farm Payrolls (NFP)…
USDCAD Just Below Key 1.25 Level Ahead of US/Canadian GDP Data
The USDCAD is continuing its week plus slide from its July high, remaining vulnerable to a deeper consolidation ahead of the weekend. Significantly, the USDCAD is retesting the psychologically key 1.25 whole figure level, along with the weekly chart downchannel resistance…
USDCAD Tries Bouncing Off Near Key 1.25 Level
The USDCAD is trying to stabilize after 2 days of healthy profittaking, hovering just above triangle support (on the 4hr chart) and uptrend support (on the daily chart). Significantly, the USDCAD’s consolidation as seen by this week’s weekly Gravestone should be coming to completion soon with the USDCAD having drifted back to near the weekly chart downchannel resistance and the psychologically key 1.25 whole figure level…
USDCAD Retesting Weekly Chart Downchannel Resistance
The USDCAD is breaking above triangle resistance (on the 4hr chart), and suddenly just shy of retesting the July high. Significantly, the USDCAD has completed the weekly chart Bull Flag consolidation (of the 3 weeks plus), and is retesting the downchannel resistance (on the weekly chart)…
USDCAD Reclaims Key 1.25 Level Ahead of Oil Inventory Data
The USDCAD is trying to form its 4th straight green daily candle going into today’s European morning. Significantly, the USDCAD has completed the daily chart ascending triangle/Bull Flag consolidation, and is pushing higher against the downchannel resistance (on the weekly chart)…