Canadian Dollar: USD/CAD (CAD=X) faltering below key resistance

Canadian Dollar: USD/CAD (CAD=X) faltering below key resistance

Canadian Dollar: USD/CAD (CAD=X) faltering below key resistance

USD/CAD has started to slow down from its recent rebound, with the key $1.3445 level still yet to be surpassed.

The inability to break that level points towards a potential bearish shift for the pair given the recent breakdown below $1.3182. Watch out for the ability or inability to break above $1.3445 to provide us with a key signal as to whether this uptrend is going to continue or not.

Overall, the bias in prices is: Upwards

By the way, prices are vulnerable to a correction towards 1.31.

The projected upper bound is: 1.35.

The projected lower bound is: 1.32.

The projected closing price is: 1.34.

Candlesticks

During the past 10 bars, there have been 5 white candles and 4 black candles for a net of 1 white candles. During the past 50 bars, there have been 28 white candles and 21 black candles for a net of 7 white candles.

A long lower shadow occurred. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 60.4609. This is not an overbought or oversold reading. The last signal was a sell 20 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 58.28. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 120 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 53. This is not a topping or bottoming area. The last signal was a sell 1 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 6 period(s) ago.

Rex Takasugi – TD Profile

FOREX CAD= closed up 0.000 at 1.335. Volume was 100% below average (consolidating) and Bollinger Bands were 2% wider than normal.

Open High Low Close Volume___
1.335 1.335 1.335 1.335 40

Technical Outlook
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish

Moving Averages: 10-period 50-period 200-period
Close: 1.33 1.32 1.30
Volatility: 8 7 8
Volume: 79,420 87,893 88,154

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

FOREX CAD= is currently 2.5% above its 200-period moving average and is in an upward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of CAD= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on CAD= and have had this outlook for the last 45 periods.

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