The USD/CAD in a bearish channel

[fxstrategist]

The USD/CAD has been in a well-defined bearish channel on the daily chart. The price is currently visiting the upper boundary of the channel around the 1.3100 level. In case of a bearish bounce, the 1.3000 level may act as support, but a better support could be the 200 day EMA zone around the 1.2926 level, which coincides with the 55 week EMA. In case of a bullish breakout above the 1.3100 level, the 1.3200 could act as resistance, but a better resistance could be the 1.3387 peak.

 

[Wilson80]

The USD/CAD has been in a well-defined bearish channel on the daily chart. The price is currently visiting the upper boundary of the channel around the 1.3100 level. In case of a bearish bounce, the 1.3000 level may act as support, but a better support could be the 200 day EMA zone around the 1.2926 level, which coincides with the 55 week EMA. In case of a bullish breakout above the 1.3100 level, the 1.3200 could act as resistance, but a better resistance could be the 1.3387 peak.

We may see a break of the 1.3100 level (channel resistance) because the currency reversed before reaching the channel support, increasing signs of stronger bulls. If so the next logical target should be the previous swing high @ 1.3174.

 

[markallen]

It found resistance at 1.3200 but since it has broken out above the trend line it is safe to assume, in my opinion, that the pair will continue rising.

 

[fxstrategist]

After breaking above the bearish channel, the USDCAD finds a good resistance at the 1.3200 level, indeed and it could stay there for a while until the Dollar or oil moves. The 1.3100 level may act as support.

 

[Blackened]

USD/CAD bottomed at 1.2975 earlier today, but now is hovering around 1.3000 after US data and Trump’s comments. Immediate resistance is provided by the 23.6 FiBO OF LATEST June to September decline at 1.3000.

 

[fxstrategist]

Shooting star on the USD/CAD?

The shooting star pattern is a bearish reversal candlestick pattern and it is formed when the price leaves behind a long upper shadow and a small real body. The pattern is confirmed when the next candle is bearish. On the daily chart of the USD/CAD we can see that the price has formed a shooting star once it got to the 55 day EMA (purple line) around the 1.2990 level. If the next candle is bearish, then the pair may drop again to the 1.2800 level. To the upside, the 55 day EMA may act again as resistance, but above that level, the peak at the 1.3081 level may also act as resistance, followed by the 1.3200 level and finally by the 1.3289 level.

 

[tomorton]

Nice. I've got my sell order in below yesterday's low, stop at entry + 2 x ATR20, planning to pyramid at 1.29 and keep doing this until oil weakens/USD strengthens.

 

[Pat494]

This H1 chart looks like it has some upside to it.
But beware because the H4 chart looks quite different.

 

[fxstrategist]

Consolidation on the CAD

The USDCAD stays just above the 1.3081 level and forms what it appears to be a pennant formation. To the upside, the 1.3200 level may act as resistance and to the downside, the 1.3000 level may act as support.

 

[Pat494]

Gentle undulations recently.

 

[Wilson80]

Look like USD/CAD reversed at 1.3664 in early January and is now aiming for 1.3213. I said reverse and not a downward correction due to the sharp and extended downward move. So for me I'm only looking to short.

 

[jeffre4]

on the verge of going long short term

 

[fxstrategist]

The drop continues on the USDCAD and if the Bank of Canada does raise its interest rates, then the pair may drop some more. To the downside, the most relevant support is at the 200 day EMA, around the 1.3148 level. To the upside, the 55 day EMA at the 1.3369 level may act as resistance in case of a pullback.

 

[Wilson80]

I'm expecting a bounce from 1.3113 or even from 1.3160 up to 1.3352 (good place to short). Now the price is already to low to short (high risk) so I will wait for the pullback.