Subscribe to RSS

Forex Technical Analysis USDCAD : 18 December 2015

No Canadian dollar trend reversal yet

Canadian dollar has been weakening with falling oil prices. The inflation report on Friday is expected to indicate consumer prices rose in November. Will the Canadian dollar start strengthening against the US dollar?

Canadian economy grew 0.3% in the third quarter of 2015 after contracting in the first half of the year. The Bank of Canada left the interest rate unchanged at 0.5% at last policy meeting on December 2 after the GDP data were released the previous day. Policy makers stated that the growing external demand as US economic recovery continued should support country’s manufacturing sector, and accommodative monetary policy enables the rebalancing of the domestic economy away from heavy dependence on commodities export. The central bank expects the inflation will start climbing from the bottom of its target range of 1%-to-3% as inflationary effects of weaker national currency help offset disinflationary pressures from falling oil prices as well as lower investment and employment in energy sector. On Friday the inflation report is due and inflation is expected to rise in November. Meanwhile the Federal Reserve hiked the interest rates 0.25% on December 16, and after the decline on Wednesday the US dollar resumed the rise against major currencies. And the decline in oil prices resumed as the dollar strengthened and US crude oil inventories surged unexpectedly.

USDCAD

USDCAD has been rising after the Bank of Canada decision on December 2 to hold the interest rates at 0.5%. The Donchian channel is tilted upward, indicating an uptrend. The Parabolic indicator gives a buy signal. The RSI oscillator is rising and has crossed into the overbought zone, which doesn’t exclude continuation of the uptrend. The MACD indicator is above the signal line and the zero level which is a bullish signal. We expect the bullish momentum will continue after the price closes above the upper bound of Donchian channel at 1.3847. A pending order to buy can be placed above that level, with the stop loss below the last fractal low at 1.32924. After placing the pending order, the stop loss is to be moved to the next fractal low, following Parabolic signals. Thus, we are changing the probable profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend canceling the position: the market sustains internal changes which were not considered.

Position Buy
Buy stop above 1.3847
Stop loss below 1.32924

0 commentsback to post

Add your comment

Nickname:
E-mail:
Website:
Comment:

Other articlesgo to homepage

100% New Account Bonus Up to $300 – Ava Trade

100% New Account Bonus Up to $300 – Ava Trade(0)

100% New Account Deposit Bonus to your first deposit Up to $300. Start trading today and in honour of our Irish roots we’ll give you a St. Patricks Day special bonus of up to 100% Link:  100% Special Bonus to Your First Deposit Available to: All new account Ending Date: 31 December 2017 Bonus offer:

$20 Phone Validation Welcome Forex Bonus – LMFX

$20 Phone Validation Welcome Forex Bonus – LMFX(0)

$20 Phone Validation Welcome Forex Bonus to All New Traders. The $20 Phone Validation Forexc Bonus is available for all the Clients who have successfully opened and funded their trading account with the Company in accordance with the Account Opening Agreement. Link:  $20 Phone Validation Welcome Forex Bonus Available to: All new traders Ending Date:

Live Trading Competition & 20% Deposit Bonus – FirewoodFX

Live Trading Competition & 20% Deposit Bonus – FirewoodFX(0)

Forex Live Account Trading Competition and 20% Forex Deposit Bonus . FirewoodFX presents the forex live account Trading Competition 1 with cash prize more than $1000! Be the winner by achieving the highest profit! Link: Live Account Trading Competition Link: 20% Bonus Make $100 Deposit or More Available to: All new and existing Ending Date:

$50 Free Bonus Without a Deposit – Adamant Finance

$50 Free Bonus Without a Deposit – Adamant Finance(0)

Free $50 Forex No Deposit Welcome Bonus to all new Traders. Receive $50 for Forex Free Bonus Without a Deposit and test the terms on a real account, without transfering any money. Link:  $50 No Deposit Free Welcome Bonus Ending Date: 31 December 2018 Available to: All new Traders Bonus Offer: Free $50 Forex No

Binary Options Free Demo Trading Tournament – CBFinvest

Binary Options Free Demo Trading Tournament – CBFinvest(0)

Binary Options Free Demo Trading Tournament total 2000$ cash prizes. Any Spotoption brand can start offering immediately binary options Tournaments, without spending a fortune on programming and without waiting for months Link:  Binary Options Free Demo Tournament Available to: All Customers AMAZING FEATURES Rebuys – for Tournaments based on demo, the feature of Rebuys allows

Risk Free Trading plus Free Forex Signals – MarketsYes

Risk Free Trading plus Free Forex Signals – MarketsYes(0)

300% Forex Deposit Bonus Promotion and Forex Risk Free Trade plus Forex Free Signals All New and existing clients. MarketsYes is offering all prospective clients deposit for up to 3000 USD/EUR/GBP a 300% Tradable Bonus. Link:  300% Tradable Bonus Promotion Link:  Risk Free Trade plus Forex Free Signals Available to: All New and existing clients

50% Bonus of Every Deposit – Fort Financial Services

50% Bonus of Every Deposit – Fort Financial Services(0)

Up to 50% Bonus of Every Deposit to All New and Existing Traders. You Deposited $1000 on your account, chose a 50% bonus and got 500 extra dollars to the initial deposit amount. Link: Up to 50% Bonus of Every Deposit Link: $5 Forex No Deposit Welcome Bonus Link: 15% Support Margin Bonus Link:  Profit

123% Tradable Deposit Bonus Promotion – FreshForex

123% Tradable Deposit Bonus Promotion – FreshForex(0)

Get 123% Tradable Deposit Bonus Promotion gives a real chance to start Forex trading with low investment and double return. Start efficient Forex trading with Tradable Bonus 123% Campaign. Link:  123% Tradable Deposit Bonus Promotion Link:  $5 Forex No Bonus Promotion Ending Date:  31 December 2017 Available to:   New Clients only Bonus Offer: Get 123%

500 Cent Forex No Deposit Welcome Bonus – FortFs

500 Cent Forex No Deposit Welcome Bonus – FortFs(0)

Get 500 Cent Forex No Deposit Welcome Bonus 2017-2018 to All New Traders. Open a forex real trading account, pass the personal data verification procedure and get the 500 Cent Free Forex Welcome Bonus! Link:  Up to 50% Bonus of Every Deposit Link:  500 Cent Forex No Deposit Bonus Link:  15% Support Margin Bonus Available

$10000 Monthly Challenge Live Trading Contest – FXCM

$10000 Monthly Challenge Live Trading Contest – FXCM(0)

$10,000 Monthly Challenge Live Trading Contest Compete to Win Cash Prizes. The Contest only available to FXCM Mini Account clients Join the monthly Live Trading Contest by opening an FXCM Mini Account with as little as $50. Link:  $10000 Monthly Challenge Contest Available to: All Mini Account clients Contest offer: $10,000 Monthly Challenge Live Trading

read more

Forex Featured Broker

Contacts and information

ForexDepositNews.com Forex Deposit Bonus, Forex No Deposit Bonus, Forex Live Contest, Forex Demo Contest, Free Forex Bonus Forex Brokers Review and Other All Forex promotions.

ForexDepositNews.com

Social networks

Most popular categories