USD/CAD- Are The Bulls Regaining Control?

USD/CAD Bounce Or Break?

The USD/CAD has increased today and is struggling to recover after the significant drop. It is pressuring an important dynamic support, has dropped below it, but this could still be a false breakdown. The USD has dragged the price higher as the USDX has managed to rebound and to climb above the 93.50 psychological level.

Is very important to see what impact will have the Canadian data, the Retail Sales figures may bring some volatility, but remains to see the direction. USD/CAD will increase sharply in the upcoming hours if the numbers will disappoint.

The Core Retail Sales are expected to increase by 0.0% in June versus a 0.1% drop in May, while the Retail Sales could increase by 0.2% in June, but less compared to the 0.6% growth in the former reading period.

USD/CAD Daily Chart

You can see that the rate failed to retest the median line (ml) of the minor descending pitchfork and now is trying to climb above the fourth warning line (wl4) of the former minor ascending pitchfork. Technically, it could move towards the upper median line (uml) again, but unfortunately, the fundamental factors will take the lead.

Could move in range on the short term because needs to accumulate more directional energy before will start really start another significant upside movement. Only an accumulation will signal a reversal on the daily chart.

USD/CAD could come down to retest the 1.2460 major static support and the lower median line (ascending black line) of the major ascending pitchfork.

Brent Oil The Morning Gains Have Vanished

Brent Crude Oil Daily Chart

Price dropped aggressively in the yesterday’s trading session and seems to heavy to be stopped. Brent increased in the morning, but the bears are still in the game and have sent the rate down again. The perspective is still bullish on the short term as long as is trading within the ascending channel’s body. Technically, a breakdown is favored after another false breakout above the 53.03 major static resistance.

USD/JPY Valid Or False Breakdown?

USD/JPY Daily Chart

USD/JPY posted significant gains today and is challenging the confluence area formed between the 50% retracement level with the warning line (wl1). Price will resume the downside movement if will stay under the mentioned broken support levels, could also retest the minor uptrend line before will drop much deeper.

Risk Disclaimer:Trading, in genera,l is very risky and is not suited for everyone. There is always a chance of losing some or all of your initial investment/deposit, so do not invest money you can’t afford to lose. You are strongly advised to carry out your independent research before making any trading decisions. All the analysis, market reports posted on this site are only educational and do not constitute an investment advice or recommendation to open or close positions on international financial markets. The author is not responsible for any loss of profit or damage which may arise from transactions made based on any information on this web site.Olimpiu Tuns

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