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

$1000 Welcome Deposit Bonus Promotions – eToro

$1000 Welcome Deposit Bonus Promotions – eToro(0)

Get Forex Welcome Deposit Bonus Promotions code by eToro Forex Broker. Trade over 900 global instruments with most advance and friendly trading platform. Link:  Top Copy Trading Social Platforms Link: Up to $1000 Welcome Deposit Bonus Available to: All new account Ending Date: 31 December 2018 Bonus Offer: Get Forex Welcome Deposit Bonus Promotions code

$50 Forex No Deposit Welcome Free Bonus – ForexBull

$50 Forex No Deposit Welcome Free Bonus – ForexBull(0)

$50 Forex No Deposit Welcome Free Bonus is available to all new clients of ForexBull as well as for those who still haven’t got any previous No Deposit Welcome Free Bonuses from the company. Link:  $50 Forex No Deposit Welcome Bonus Available to: All new trading account Ending Date: 31 December 2017 Bonus offer: $50

Forex Global Demo Trading Contest 2017 – AETOS

Forex Global Demo Trading Contest 2017 – AETOS(0)

The AETOS Capital Forex Global Demo Trading Contest 2017, with weekly prizes and overall championship prizes to win! The total prize of the contest is worth $10,000*! Link:  Global Forex Demo Trading Contest Available to: All clients Ending Date: 31 December 2017 Contest offer: Global Forex Demo Trading Contest Top prize worth $10000 As one

100% Double Dynamo Bonus up to $10000 – FXPRIMUS

100% Double Dynamo Bonus up to $10000 – FXPRIMUS(0)

100% Double Dynamo Bonus Forex on up to $10,000 plus up to $4 cash back Rebate Bonus for every lot traded! Be rewarded with this incredible offer which is available for a limited time only Link: 100% Double Dynamo Bonus Available to: All New and Existing Clients Ending Date: 31 December 2018 Bonus offer: 100%

Get 25% Credit Bonus on their first Deposit – HYCM

Get 25% Credit Bonus on their first Deposit – HYCM(0)

Get 25% Credit Bonus available on your Deposits. Experience Some of HYCM New Features, Services and Offers Receive 25% Forex trading credit bonus Link:  25% Trading Bonus on your Deposits Ending Date:  31 December 2017 Available to:   New Clients only Bonus Offer: 25% Trading Bonus Available on your deposits to New Clients only. This promotion

50% Deposit Bonus and $5 No Deposit Bonus – FortFs

50% Deposit Bonus and $5 No Deposit Bonus – FortFs(0)

Up to 50% Bonus of Every Deposit and $5 Forex No Deposit Welcome Bonus. 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 Available

Get $30 Forex Deposit Bonus for an Article – FreshForex

Get $30 Forex Deposit Bonus for an Article – FreshForex(0)

Get $30 Forex Deposit Bonus for an Article Write an expert article about the Forex trading market to earn a $30 Forex deposit bonus to start earning from scratch and spread your ideas, thoughts. Link:  $30 Deposit Bonus for an Article Link:  $2017 No Deposit Bonus offers Link:  123% Deposit Bonus Promotion Available to: All

Get $50 Free Campaign and Trade Three Easy Steps – UFX

Get $50 Free Campaign and Trade Three Easy Steps – UFX(0)

Get $50 Free Bonus Campaign and Trade Three Easy Steps Trading is simple and it’s on UFX. Get your FREE $50 No Deposit Welcome Bonus and start forex trading. Link:  $50 Forex No Deposit Bonus Promotion Link:  100% Real Money CashBack Promotion Available to: All new trading account Ending Date: 31 December 2017 Bonus offer:

The Ultimate Forex Partners Competition – Tickmill

The Ultimate Forex Partners Competition – Tickmill(0)

The Ultimate Forex Partners Competition of winning a brand new Harley-Davidson or one of over $10,000 worth of prizes that we are offering Link:  Ultimate Partners Ride Contest Link:  $30 Forex No Deposit Welcome Bonus Link:  Forex Monthly Live Trading Contest Link:  Weekly Demo Race Trading Contest Available to: All new traders Ending Date: 31

100% Welcome Bonus Plus Risk Free Trade – Trade12

100% Welcome Bonus Plus Risk Free Trade – Trade12(0)

Get 100% Welcome Deposit Bonus and 7-day risk free trade, Boost your trading with a free 100% Welcome Deposit Bonus to your Live Trading Account. Link:   Get 100% Welcome Bonus Link:  50% Exclusive Deposit Bonus Link:  Free Daily Forex Trading Signals Available to: All new clients Ending Date: 31 December 2017 Bonus Offer: Get

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