Reply to thread

Message: [QUOTE="titanfx, post: 85022, member: 33464"] [b]USDCAD Sellers Await Canadian CPI Report[/b] [B]Key Highlights[/B] • US Dollar is under pressure against currencies such as the Euro and the British Pound, but remained stable against the Canadian Dollar. • Canadian Consumer Price Index (CPI) will be released by the Statistics Canada today, which is expected to increase by 0.5% in May 2015. • Canadian Retail Sales report will also be published, and the forecast is of a 0.7% increase in sales. • USDCAD is trading around a critical level, and any major deviation in today’s releases in Canada might cause swing moves. [B]USDCAD – Technical Analysis[/B] The USDCAD pair declined heavily recently towards 1.2120 before finding buyers around the mentioned support area. There was a solid buying interest noted, which pushed the pair back up in no time. Earlier, there was a channel which was breached by sellers, and now it is acting as a resistance for more upsides. Moreover, the 50% Fib retracement level of the last drop from the 1.2351 high to 1.21247 low is also around the same area. In short, there is a major resistance building around 1.2240-50. [IMG]http://s1.postimg.org/4be5yoym7/USDCAD_06_19_2015.png[/IMG] The hourly RSI has moved above the 50 level, suggesting that the pair might climb higher in the near term. There are chances of it forming an inverse head and shoulders pattern as well, which might be a brutal call for sellers. However, there is also a major barrier around the 100 hourly simple moving average, as one more bearish trend line along with the 200 MA is waiting around the same area at 1.2300. Let us see how sellers react if the pair reaches around the mentioned area. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]

Verification

Top Bottom