|Day's Range||0.775 - 0.777|
|52 Week Range||0.7382 - 0.8290|
The USD/CAD has been consolidating within the rectangle range above M L3 pivot point. Consolidation is also between the W L3 and H3 above the ascending trend line, so I assume the price is still bullish. 1.2760-1.2787 is the POC zone and we might expect a bullish bounce once the price retests the zone. However, if the candle breaks and closes above W H3 -1.2932 we should see a continuation to the upside targeting 1.2980 and 1.3060.
The US dollar rose significantly against the Canadian dollar during the trading session on Wednesday, reaching towards the 1.29 level above. That’s an area that has been resistance more than once, and it appears that the range continues to hold.
The US dollar fell rather stringently against the Canadian dollar during the Tuesday session, as we saw the 1.2750 level tested for support. As we approach this level, it’s easy to see that it’s an important barrier for the sellers to get through if they wish to see Canadian dollar strength. The strengthening oil market certainly could help though.
The US dollar has fallen slightly against the Canadian dollar during the session on Monday, reaching down towards the 50 simple moving average on the hourly chart. This is a market that has recently seen and impulsive move higher and pulling back against it is a bit of surprise, perhaps showing that the market is ready to enter consolidation more than anything else.
The commodity-linked Aussie, Kiwi and Loonie were underpinned on Monday after President Trump’s top Treasury official said the trade war with China is “on hold,” a truce that removed a big risk from the market for now.
Global stocks are mostly higher on Monday morning as investors respond to US Treasury Secretary Steve Mnuchin positive interview. US dollar continues to strengthen.
The US dollar has rallied significantly during the week, using the 1.2750 level as support. The 1.30 level above is resistance, and the previous weekly shooting star shows signs of resistance.
The US dollar has rallied significantly against the Canadian dollar, reaching towards the 1.29 level. This is an area that has been a bit resistive in the past, so it’s no surprise that we struggled to break above it. However, there is also a massive amount of support underneath.
Canadian Prime Minister Justin Trudeau said the sticking point to renegotiating the North American Free Trade Agreement is the U.S. demand for a sunset clause. Canada and Mexico both reject the sunset clause idea. "I'm confident in saying that we have found a proposal that is broadly acceptable to the three partners and our industries on the auto side of things," he said at the Economic Club of New York.
A geo-political risk is an ever-present theme in the global financial markets and requires traders to be up to speed on global current affairs, particularly in geographies that have the ability to cause widespread economic disruption, either through supply or from a demand perspective.
The US dollar initially drifted against the Canadian dollar on Wednesday but fell when the lower oil inventory numbers came out during the day. This of course is good for the Canadian dollar, but longer-term there are other forces at work.
If we talk about the south, the pair has 1.2805-1.2800 as immediate support, breaking which an upward slanting TL, at 1.2760, and the 1.2730-25 could try disappointment Bears. Given the pair’s refrain to respect the 0.7655 mark, the 0.7615-05 support-area could limit its following declines, breaking which 0.7565 might be welcomed.
Economic data out of Japan and Australia disappointed early as the markets now look ahead to the EUR, with inflation figures and Draghi to direct the EUR ahead of the U.S session.
The US dollar has broken higher against the Canadian dollar during trading on Tuesday, breaking above the 1.29 handle. That’s a very bullish sign obviously, and I think that we are going to make another attempt to reach towards the 1.30 level above them, which has been massive resistance more than once and even on longer-term charts.
The US dollar is up today. The buck is currently making its biggest gains versus the Japanese yen and the Canadian dollar. Yesterday, the US dollar was weak during European trading hours thanks to a rebound in the euro. Later in the day, the dollar made gains following speeches from St. Louis Fed’s Bullard and US Secretary of Commerce Wilbur Ross. As US growth and inflation remains high, economic conditions remain supportive for the dollar. This is especially the case as the outlook for US growth is better than all other major regions. ...
The US dollar fell slightly against the Canadian dollar to open up the week, testing the psychologically important 1.2750 level for support. I believe that this market will continue to bounce around this area, as it has been very important more than once.
Following on from the US withdrawal from the Iran Deal, UK PM May reaffirmed her commitment to ensuring the deal is upheld.