USDCAD | Update 28 Oktober 2015

USDCAD Update 21 September 2015

Data to set the mood for BoC meeting

This week's data releases will probably set the mood for BoC's meeting on September 9. The resilience of the Canadian consumer, together with satisfactory readings for inflation, is in line with the rhetoric of the BoC, which expects consumption and the non-energy sector to support the economy. 

However, weakness in manufacturing, which so far has failed to capitalize on a weaker looney, faltering global demand, and continued feebleness in oil prices, could continue to hurt the Canadian economy.

"We anticipate commodity prices to remain under pressure as uncertainty about China prevails. As such, we continue to expect the USDCAD to reach 1.40 in the months ahead and would view any dip toward 1.3200 as a buying opportunity", notes Barclays.

The release of the current account balance (Monday) and international merchandise trade (Thursday) will shed light on the strength of non-resource exports. In addition, we will get a better picture on the state of real activity with the release of Q2 GDP (consensus -0.9% y/y) and June's monthly GDP (consensus 0.3%) on Tuesday. Finally, we get unemployment data on Friday.

USDCAD | Update 20 Mei 2015

USDCAD is trading weak due to better than expected GDP numbers, it is good to buy at dips.

Ø  RES 4: 1.2860
Ø  RES 3:   1.2800
Ø  RES 2: 1.2750
Ø  RES 1: 1.2695

      PRICE:  1.2653@ 05:55 GMT

Ø  SUP 1: 1.2635 (20 day 4HMA)
Ø  SUP 2: 1.2570
Ø  SUP 3:1..2550
Ø  SUP 4: 1.2480

USD/CAD has retreated after making a high of 1.2780 due to better than expected of Canada GDP numbers.But overall trend is till bullish due to weak oil price. It is good to buy at dips The pair's minor resistance is around 1.2860 and any break of would extend gains till 1.2900/1.3000.

On the downside major support is around 1.2636 and any break below will drag the pair further down till 1.2570/1. is good to buy at dips around 1.26500 for the target 1.2860 with stop around 1.2550.

USDCAD is trading stronger, market eyes Canada GDP data

• RES 4: 1.3024
  
• RES 3:   1.2854 (100% projection of 1.23901 to 1.2835 from 1.24089)
  
• RES 2: 1.2835
  
• RES 1: 1.27513

   PRICE:  1.2753@ 10:45 GMT

• SUP 1: 1.2680 (Kijun-Sen)
  
• SUP 2: 1.2600
  
• SUP 3:1.2570 (200 day HMA)
  
•  SUP 4: 1.2550

USD/CAD is trading around 1.2750 and major resistance is around 1.2835 break above would extend gains till 1.2860/1.3000 in short term.


On the downside major support is around 1.25700 and any trend reversal can happen only below that level.It is good to buy at dips around 1.26700 for the target 1.2860/1.3000.

USD/CAD Short Term Outlook 20 Feb 2015

• USD/CAD once again taken support around 1.2360 and reached till 1.24880. Short-term trend reversal level-1.2380.
  
• On the upside major resistance is around 1.2490 and break above will extend gains to 1.2540/1.2600.
  
• On the downside break below 1.2450 will target 1.2430/1.2380.
  
• It is good to buy at dips around 1.2460 for the target of 1.2540/1.2590.

Indicators (1 Hours chart)

CCI (50) - Buy | CCI (14) - Buy | Ichimoku- Buy

Recommendation: Buy USD/CAD around 1.2460, SL 1.2420, Targets 1.2540/1.2590.