|Day's range||1.537 - 1.537|
|52-week range||1.5148 - 1.53711|
The breakaway gap in the Euro (in this article, we use “Euro” to refer to the currency pair EUR/USD) on the 24th of April 2017 on the back of positive first round French election results that weekend broke through a resistance trendline from 2014, a 5-month ascending triangle and the 200-day moving average. It heralded a reversal in the trend of the Euro and what followed was a near 1-year rally that took the price from 1.087 to a high of 1.2558, a rise of 15.5%. After consolidating in a symmetrical triangle, the Euro broke to the downside and has been falling for over a month now.
Though there still remains a significant amount of uncertainty, recent populist movements in Italy have created the possibility of ending the national use of the Euro. Naturally, as a nation of over 60 million and the third largest nation in the Eurozone (after Germany and France), Italy’s abandonment of the Euro could spark a wide variety of far-reaching changes.
The start of the week’s trading took place around excitement in the political situation in Italy and the unsuccessful attempts of Crude Oil to rebound.
Early Monday trading has seen the downward pressure continue for oil prices. Italian stocks rise on prospects of new elections, and Italian bonds strengthen as the populist coalition fails to form a government.
USDCAD’s break of 1.2805-15 horizontal-area presently struggles with the 1.2860 resistance-line in order to justify its strength in targeting the 1.2900 and the 1.2945-50 upside barriers. Though, break of 1.2950 could quickly propel the quote towards 1.3000 and the 1.3050 resistances. Should prices fail to clear the 1.2860 mark, the 1.2830 can act as immediate support before highlighting the 1.2815-05 region for one more time. Given the pair’s drop beneath the 1.2805, also smashing the 1.2800 round-figure, the 1.2770 and the 1.2745 can reappear on the chart. ...
The Ecofin meetings are a major event in the EU, with leaders from all member states attending each time that they are held. How could the meeting affect the euro?
Two of them are with CAD and have nice head and shoulders patterns, which are already up and running. EURCAD is the first one. Here, the price broke the up trendline (red), neckline (blue) and the horizontal support (orange).
Cable is having a beautiful head and shoulders pattern. The formation is already active as the price broke the neckline. EURCAD is also having a head and shoulders formation but the thing is that we did not break the neckline yet.
Following its dip below 1.3010–1.3000 horizontal-region, the USDCAD recently broke seven-week long ascending trend-line that in-turn indicates brighter chances for the pair’s further downside to 1.2800 and then to the 1.2765-55 levels; however, oversold RSI is creating a doubt about the quote’s additional south-run, which if ignored by the Bears might not hesitate dragging the pair to the 1.2670 and the 1.2650 supports. Meanwhile, the 1.2900, the 1.2940 and the 1.2960 can offer immediate resistances to the pair during its pullback before highlighting the 1.3000–1.3010 area. ...
With its another bounce towards the 1.3000–1.3010 horizontal-region, the USDCAD seem capable enough to surpass the same during this time and may even rise to 61.8% FE level of 1.3040. In case if the pair again fails to clear the 1.3010, the 1.2920 and an upward slanting trend-line, at 1.2865, can entertain counter-trend traders. Alike USDCAD, the EURCAD is also near to short-term important resistance-line, it’s a week-long descending TL figure of 1.6050 in this case, breaking which the pair can rally to the 1.6120 and then to the 61.8% FE level of 1.6215.
Investing.com - The U.S. dollar hit fresh four-month lows against its Canadian counterpart on Wednesday, after the release of positive Canadian and U.S. data as investors remained cautious with the greenback ahead of the Federal Reserve's policy decision due later in the day.
Investing.com - The U.S. dollar slipped lower against its Canadian counterpart on Tuesday, as the greenback broadly weakened ahead of the highly anticipated State of the Union address due later in the day, as well as the Federal Reserve's monthly policy decision on Wednesday.
Investing.com - The U.S. dollar rose against its Canadian counterpart on Monday, as the greenback found some relief following last week's broad decline, although gains were expected to remain limited.
Considering USDCAD’s latest bounce from 1.2800–1.2790 support-zone, the pair seems again heading to confront the seven-week old descending TL resistance, at 1.2890; however, 1.2870 might offer an intermediate halt during its recovery. In case if the quote manages to conquer the 1.2890 mark, it can quickly rise to 1.2920 before targeting the 61.8% FE level of 1.2940. Should the pair fails to sustain latest pullback, the 1.2790 regains its importance, breaking which 1.2770 & 1.2745 could entertain short-term sellers. Moreover, pair’s extended declines below 1. ...
Investing.com - The U.S. dollar moved higher against its Canadian counterpart on Wednesday, after the release of positive U.S. economic reports and as declining oil prices weighed on demand for the commodity-related Canadian dollar.
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