Canadian Dollar: USD/CAD (CAD=X) losing some upside momentum

Canadian Dollar: USD/CAD (CAD=X) losing some upside momentum

Canadian Dollar: USD/CAD (CAD=X) losing some upside momentum

USD/CAD is losing some upside momentum as seen in 4 hour MACD. But there is no sign of topping yet. Intraday bias remains on the upside at this point. Current rally should target 1.3685 fibonacci level next. Break there will target 1.3793 key medium term resistance. On the downside, below 1.3511 minor support will turn intraday bias neutral first. But downside should be contained above 1.3322 support to bring another rally.

Overall, the bias in prices is: Upwards.

By the way, prices are vulnerable to a correction towards 1.33.

The projected upper bound is: 1.37.

The projected lower bound is: 1.35.

The projected closing price is: 1.36.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 8 white candles and 2 black candles for a net of 6 white candles. During the past 50 bars, there have been 31 white candles and 18 black candles for a net of 13 white candles.

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 77.9072. This is not an overbought or oversold reading. The last signal was a sell 0 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 70.24. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 1 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 86. This is not a topping or bottoming area. The last signal was a sell 0 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 16 period(s) ago.

Rex Takasugi – TD Profile

FOREX CAD= closed up 0.002 at 1.359. Volume was 95% below average (consolidating) and Bollinger Bands were 60% wider than normal.

Open High Low Close Volume___
1.357 1.359 1.356 1.359 4,028

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

Moving Averages: 10-period 50-period 200-period
Close: 1.35 1.33 1.31
Volatility: 4 6 8
Volume: 64,927 85,374 86,908

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 4.1% above its 200-period moving average and is in an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume into CAD= (mildly bullish). Our trend forecasting oscillators are currently bullish on CAD= and have had this outlook for the last 55 periods. Our momentum oscillator is currently indicating that CAD= is currently in an overbought condition.

The following two tabs change content below.
HEFFX has become one of Asia’s leading financial services companies with interests in Publishing, Private Equity, Capital Markets, Mining, Retail, Transport and Agriculture that span every continent of the world. Our clearing partners have unprecedented experience in Equities, Options, Forex and Commodities brokering, banking, physical metals dealing, floor brokering and trading.

You must be logged in to post comments :  
CONNECT WITH