USDCAD Outlook

USDCAD Outlook

USDCAD Morning Outlook - 12Nov09

Thursday, 12 November 2009 08:45 |

Yesterday's USDCAD Forex pair outlook was dead on, the long bias was confirmed with price reaching as high as 1.0544 way overshooting my profit target of 1.0475 netting 31 Pips profit with even a possibility of more had I nursed this a little bit overnight. At the moment USDCAD looks like it's exhausted it's long term bias and come back down to 1.0491 which is still at the lower end of it's mean. With momentum completely non-existent I would imagine that price is going to be choppy for the rest of this morning.

Use a scalping technique if you can! With a slight short bias -- be careful however as volatility is incredibly low via the DCD indicator as per the chart below and wouldn't be surprised if there was a nice POP (breakout) in the very near future as well. Trading bias for today is choppy with a slight short -- look to retest 1.0415.

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USDCAD Morning Outlook - 11Nov09

Wednesday, 11 November 2009 08:50 |

USDCAD is rather exhausted by the looks of things on this little Forex Chart. With a fairly beautiful move to 1.0445 with solid momentum as we can see via the DCD it's easy to imagine that it would go on forever! I would however caution, with the USDCAD Dollar reaching extreme bottom points on it's regression channel on both 250 bar and 100 bars it seems to be oversold.

I would be looking for a healthy retracement to above 1.0475 on this FX pair in the near term but when hit it will turn around and start marching back on it's downward short trend. Chart attached (Click read more)

UDSCAD Morning Outlook - 10Nov09

Tuesday, 10 November 2009 07:33 |

Looking at the USDCAD Forex Chart below, it looks like we're at the bottom of the regression channel sitting in and around 1.0578 and with no major news announcements coming up today I would figure that we're looking at a move to the long side - however with volatility / deviation decreasing my hypothesis is that the downward trend from 1.0755 is for the most part over and USDCAD would likely recover a little bit after ranging a bit. Possibly retrace all the way to 1.0640 levels.

I would only make that trade on the long side if I were to see momentum on the shorter time frames. Current bias however is indeed on the long side.

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USDCAD Outlook 9Nov09 - Followup

Monday, 09 November 2009 11:54 |

Well it was confirmed with price heading straight south from my previous article this morning -- with the short bias to 1.0550 as you can see with the attached chart shortly after the Housing Starts news was released which was in fact as expected 157K which is for the most part CAD bullish we saw USDCAD plummet straight down roughly 50 pips to the profit target.

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USDCAD Outlook 9Nov09

Monday, 09 November 2009 08:52 |

Major overnight move for the USD brought the USDCAD down to 1.06 which is a solid resistance point for the USDCAD. Sustained volatility via the DCD indicator means that price may hang around here and range for today however I believe that a breakout on the downside may occur with the XZ indicator showing momentum has formed on the short side rather then the long side and the fact that the first Major ATR Stop has been broken.

Should price break below 1.06 with a few sustained bars, i would expect price to continue short to 1.0550 at least at the next major support point.

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