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Commentary of the USD/CAD parity :
The parity made a pullback on 1.0382 and then got back into its bearish channel. So, we maintain to trade only short positions as far as this level is resistance. The breakout of 1.0225 will give a new sell signal. However, if 1.0382 is broken, we could trade long positions.
See the previous analysis of the USD/CAD parity of July 28th, 2010
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- Forex Technical Analysis : 07/29/2010 -
(Timeframes: 30 minutes)
USD/CAD
AUD/USD
NZD/USD
GBP/USD
EUR/USD
GBP/JPY
EUR/CHF
EUR/JPY
EUR/GBP
USD/CHF
USD/JPY
Silver
Pétrole
XAU/USD (or)
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The Canadian dollar weakened today after the decline of the U.S. consumer confidence and the decreasing prices for commodities damped the appeal of the currencies tied to growth.
The Conference Board’s index of the U.S. consumers’ sentiment dropped to 50.4, compared to the median forecast of 51.3. The Standard & Poor’s 500 Index declined 0.3 percent. The S&P 500 rose previously by 0.5 percent and gained more than 8 percent since June 30th, while crude oil went up 2.7 percent.
Previous gains encouraged the traders to perform profit taking, curbing the equities and the oil prices, which also affected Canada’s currency. The rebound is possible, but some analysts point out that that fundamentals and technicals signal about further decline before recovery.
USD/CAD rose to 1.0360 form 1.0320 as of 18:41 GMT today after it tumbled as low as 1.0255. EUR/CAD rose to about 1.3456 from the opening level of 1.3405.
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Commentary of the USD/CAD parity :
The parity made a pullback on 1.0360 and is now moving into a bearish channel. Currently, the parity is testing again the support at 1.0225. The breakout of this level will give a new sell signal. We maintain to trade only short positions as far as the price is moving into its channel. If an exit occur, we will stay neutral. Only the breakout of 1.0382 will allow us to trade long positions.
See the previous analysis of the USD/CAD parity of July 27th, 2010
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- Forex Technical Analysis : 07/28/2010 -
(Timeframes: 30 minutes)
USD/CAD
AUD/USD
NZD/USD
GBP/USD
EUR/USD
GBP/JPY
EUR/CHF
EUR/JPY
EUR/GBP
USD/CHF
USD/JPY
Silver
Pétrole
XAU/USD (or)
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The Canadian dollar went up today against its U.S. counterpart as the gains of the U.S. equities and the improving conditions on the U.S. housing market bolstered the currencies tied to the growth, including the loonie. The Canadian currencies declined somewhat versus the euro.
The Standard & Poor’s 500 Index rose by 1.1 percent. The futures for crude oil, main Canadian export, traded near $78.99 per barrel after touching $79.30 per barrel on July 22, the highest level since May 5 on a closing basis. The new home sales in the U.S. reached 330,000 in June, compared to the median forecast of 317,000.
The Canadian dollar tends to move according to the commodity prices and the risk appetite. Today the appetite for the risk was definitely present at the markets.
USD/CAD reached 1.0322 today as of 22:17 GMT after it opened at 1.0372. EUR/CAD currency pair went up to 1.3402 from the opening level of 1.3377.
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- Forex Technical Analysis : 07/27/2010 -
(Timeframes: 30 minutes)
USD/CAD
AUD/USD
NZD/USD
GBP/USD
EUR/USD
GBP/JPY
EUR/CHF
EUR/JPY
EUR/GBP
USD/CHF
USD/JPY
Silver
Pétrole
XAU/USD (or)
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Commentary of the USD/CAD parity :
The parity continues its bearish movement and is currently testing the support at 1.03. The breakout of this level will give a new sell signal. We maintain to trade only short positions as far as 1.0360 is resistance. The next support is at 1.0225. If 1.0360 is broken, we will stay neutral. Only a breakout of 1.0382 will allow us to trade long positions.
See the previous analysis of the USD/CAD parity of July 26th, 2010
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Commentary of the USD/CAD parity :
After a pullback on 1.0441, the parity continued its bearish movement. We maintain to trade only short positions as far as 1.0412 is resistance. The breakout of 1.03 will give a new sell signal. However, if 1.0412 is broken, we will stay neutral. Only the breakout of 1.0441 will allow us to trade long positions.
See the previous analysis of the USD/CAD parity of July 23th, 2010
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- Forex Technical AnalysisFor : 07/26/2010 -
(Timeframes: 30 minutes)
USD/CAD
AUD/USD
NZD/USD
GBP/USD
EUR/USD
GBP/JPY
EUR/CHF
EUR/JPY
EUR/GBP
USD/CHF
USD/JPY
Silver
Pétrole
XAU/USD (or)
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The Canadian dollar managed to grow this week and almost recovered from the last week’s losses against the U.S. dollar, as the the global stock markets gains combined with an excellent dynamics of the crude oil pushed CAD.
The currency also rose against the euro despite a strong support for the latter from the stress test speculations. While the Canadian stocks performed quite well during this week (S&P/TSX rose by about 1.31 percent), crude oil, Canada’s main export commodity demonstrated a weekly gain of 3.12 percent, providing even more ground for the CAD’s growth.
Last week’s loss was inspired by the comments of the Canada’s central bank, stating that the low inflation probably won’t require more rate hikes in the future, reducing currency traders’ expectations for the rate difference speculations. Analysts believe that the current situation isn’t that good for the loonie, as without the support from the Bank of Canada it will now depend completely on purely speculative entities — oil and stock prices.
USD/CAD fell from 1.0571 to 1.0348 or 2.11 percent this week after rising by 2.39 percent last week. EUR/CAD declined from 1.3635 to 1.3374.
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Commentary of the USD/CAD parity :
1.0441 is back as resistance. This level is our key level, its breakout gave us a sell signal. Then, the breakout of 1.0382 gave us a new one. We advise to trade only short positions as far as 1.0441 is resistance. The next support is at 1.03.
See the previous analysis of the USD/CAD parity of July 22th, 2010
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- Forex Technical Analysis : 07/23/2010 -
(Timeframes: 30 minutes)
USD/CAD
AUD/USD
NZD/USD
GBP/USD
EUR/USD
GBP/JPY
EUR/CHF
EUR/JPY
EUR/GBP
USD/CHF
USD/JPY
Silver
Pétrole
XAU/USD (or)
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Commentary of the USD/CAD parity :
A correction occured on the parity and 1.0441 is back as support. This level is our key level. Above it, we advise to trade only long positions. The breakout of 1.05 will give a new buy signal. However, below this level, we advise to trade only short positions. The breakout of 1.0382 will give a new sell signal.
See the previous analysis of the USD/CAD parity of July 21th, 2010
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- Forex Technical Analysis : 07/22/2010 -
(Timeframes: 30 minutes)
USD/CAD
AUD/USD
NZD/USD
GBP/USD
EUR/USD
GBP/JPY
EUR/CHF
EUR/JPY
EUR/GBP
USD/CHF
USD/JPY
Silver
Pétrole
XAU/USD (or)
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- Forex Technical Analysis : 07/21/2010 -
(Timeframes: 30 minutes)
USD/CAD
AUD/USD
NZD/USD
GBP/USD
EUR/USD
GBP/JPY
EUR/CHF
EUR/JPY
EUR/GBP
USD/CHF
USD/JPY
Silver
Pétrole
XAU/USD (or)
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Commentary of the USD/CAD parity :
A strong bearish movement occured, following an increase of Candian rates. We were neutral between 1.0441 and 1.05. The breakout of 1.0441 gave us a sell signal. Currently, the parity is testing the support at 1.0382. The breakout of this level will give a new sell signal. We maintain to trade only short positions as far as 1.0441 is resistance.
See the previous analysis of the USD/CAD parity of July 20th, 2010
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The Canadian dollar rose against all major currencies after the country’s central bank decided to increase the target overnight rate to 3/4 percentage point on its meeting today.
The Bank of Canada announced in its statement that the interest rate is increased from 0.50 percent to 0.75 percent today. Although this decision has been expected by the majority of the market analysts, the resulting positive effect for the Canadian dollar was rather strong — it rose significantly against the U.S. dollar, the euro and the Japanese yen.
Despite the fact that the growth of the Canadian economy is slowing down, the analysts believe that the Bank of Canada may continue increasing the rates for some time, as the rate of growth of the economic output is still one of the biggest among the developed nations. Canada is now a leader by rate hikes among the G7 countries.
USD/CAD went down from 1.0545 to 1.0491 as of 17:15 GMT today. EUR/CAD dropped from 1.3654 to 1.3533, while CAD/JPY showed a growth from 82.25 to 83.11 today.
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Commentary of the USD/CAD parity :
The parity is currenlty making a correction. However, we maintain to trade only long positions as far as 1.05 is support. The break out of 1.0566 will give a new buy signal. If 1.05 is broken, we will stay neutral between this level and 1.0441.
See the previous analysis of the USD/CAD parity of July 19th, 2010
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Commentary of the USD/CAD parity :
The parity continued its bullish movement towards the resistance at 1.0566. The break out of this level will give a new buy signal. We maintain to trade only long positions as far as 1.05 is support. If this level is broken, we will stay neutral between 1.0441 and 1.05.
See the previous analysis of the USD/CAD parity of July 15th, 2010
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