Canadian Dollar: USD/CAD (CAD=X) Market focus will be on April’s Ivey PMI
It’s also a relatively busy week ahead for the Loonie. Market focus will be on April’s Ivey PMI, due out on Tuesday, trade data on Thursday and April employment figures on Friday.
With the stats having been on the quieter side since the last BoC policy decision, we can expect the Loonie to be responsive to the stats due out in the 2nd half of the week.
Overall, the bias in prices is: Sideways.
By the way, prices are vulnerable to a correction towards 1.33.
The projected upper bound is: 1.36.
The projected lower bound is: 1.33.
The projected closing price is: 1.35.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 27 white candles and 23 black candles for a net of 4 white candles.
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.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 65.1692. This is not an overbought or oversold reading. The last signal was a sell 6 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 55.98. 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 88 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 52. This is not a topping or bottoming area. The last signal was a sell 5 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 11 period(s) ago.
Rex Takasugi – TD Profile
FOREX CAD= closed up 0.004 at 1.346. Volume was 100% below average (consolidating) and Bollinger Bands were 31% narrower than normal.
Open High Low Close Volume___
1.343 1.347 1.343 1.346 279
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 1.34 1.34 1.32
Volatility: 7 6 7
Volume: 73,370 103,464 92,899
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.
FOREX CAD= is currently 1.8% 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 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 6 periods.
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