Strong moves in the CAD have taken many by surprise.... inc me. Overall, there seems a strong opinion that the USD is going to bounce back over the next year and reach new highs but in the shorter term new lows are highly likely although a stand aside position is recommended. I thought this was a very insightful analysis so I share it here and hope it may be of use. http://www.dailyfx.com/forex/technical/home/analysis/usd-cad/2014/06/30/dailyclassics_usd-cad.html https://www.youtube.com/watch?v=46obimcT71k#t=397
USDCAD looks set for bullish turnaround. Strong support seems to be holding. Expecting some strong green candles and USDCAD is certainly noted for that. Last time RSI was this low was September 2012 when it was trading at 1.028 and it rocketed away up to 1.12+ in no time. Looks like it is well worth going long imo and holding for good profit (but in my case recouping some underwater trades first). Just a suggestion but make up your own minds obviously.
Nice 250 green pips straight out the block there. Off to a good start Correction should have read 'Last time RSI was this low was September 2012 when it was trading around 0.98 and it rocketed away up to 1.12+'
Nice 450 pips out of the gate then. I was thinking there could be some consolidation but still feels pretty bullish even though the volatility has gone. Let's see what tomorrow brings. Should be highly volatile, what with the Payrolls and Employment figures coming out.
Full 61.8% retracement but seems to be springing off from that. First target 1.06774, then 1.06962... lets rock and roll and keep fingers tightly crossed
Made first target.... sofar sogood... Then went back in at at 61.8 retracement only for it to go to 161.8 retracement... What a rat??? Still, 'better buying opportunity' I think it was major profit taking before week end... Lets see on Monday how its holding up. Interesting post on Stocktwits... (Hope I'm aloud to post it here) http://stocktwits.com/andrewunknown/message/24360800#24372257
USD Good buying opportunity? http://www.dailyfx.com/forex/fundam...ding-forecast-following-nonfarm-payrolls.html