Canadian Dollar: USD/CAD (CAD=X) rallies into five-month low
USD/CAD has managed to rally through the $1.3317 resistance level, continuing the bullish trend of higher highs and higher lows that has been in place for two months. That also sees the pair respect the rising channel, with trendline resistance up ahead.
With that in mind, further gains seem likely for the short term, yet we could see the sellers come back in after that, setting up another retracement. Only with a break below $1.3182 would such a retracement provide a bearish reversal signal.
Overall, the bias in prices is: Upwards.
By the way, prices are vulnerable to a correction towards 1.31.
The projected upper bound is: 1.34.
The projected lower bound is: 1.31.
The projected closing price is: 1.33.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 29 white candles and 21 black candles for a net of 8 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 62.0003. This is not an overbought or oversold reading. The last signal was a sell 9 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 59.43. 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 109 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 140.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 4 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 1 period(s) ago.
Rex Takasugi – TD Profile
FOREX CAD= closed down -0.002 at 1.327. Volume was 1% above average (neutral) and Bollinger Bands were 9% narrower than normal.
Open High Low Close Volume___
1.329 1.336 1.324 1.327 87,410
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 1.32 1.31 1.30
Volatility: 9 7 8
Volume: 90,248 88,611 89,172
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 2.1% above its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. 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 34 periods.
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