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Canadian Dollar: USD/CAD (CAD=X) posted slight gains

Canadian Dollar: USD/CAD (CAD=X) posted slight gains

he Canadian dollar has posted slight gains in the Wednesday session. Currently, USD/CAD is trading at 1.3128, down 0.20% on the day. On the release front, there are no Canadian indicators for the remainder of the week. In the U.S, New Home Sales is forecast to drop sharply to 669 thousand. On Thursday, the U.S will release durable goods reports and unemployment claims.

Loonie traders are likely awaiting high-impact data from the United States economy towards the latter-half of the trading-week, although US oil crude data and a meeting from OPEC ministers could provoke movement in the Canadian Dollar.

The technicals remain clear on the USD/CAD, despite the stale price-action we are seeing. Sellers ideally need to move price below the 1.3100 level and take-out the 1.3050 level, which should provoke selling momentum, encouraging bears to attack towards the 1.2990 to 1.3000 support area.

Overall, the bias in prices is: Sideways.

The projected upper bound is: 1.32.

The projected lower bound is: 1.29.

The projected closing price is: 1.30.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 30 white candles and 20 black candles for a net of 10 white candles.

A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.

Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 11.5758. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a buy 12 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 42.28. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 20 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -188.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 4 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 4 period(s) ago.

Rex Takasugi – TD Profile

FOREX CAD= closed down -0.001 at 1.304. Volume was 85% below average (consolidating) and Bollinger Bands were 47% narrower than normal.

Open High Low Close Volume___
1.304 1.305 1.302 1.304 13,620

Technical Outlook
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bullish

Moving Averages: 10-period 50-period 200-period
Close: 1.31 1.31 1.28
Volatility: 9 9 9
Volume: 78,313 88,088 83,480

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

FOREX CAD= is currently 1.8% above its 200-period moving average and is in an downward trend. Volatility is Our volume indicators reflect volume flowing into and out of CAD= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on CAD= and have had this outlook for the last 12 periods.