The Canadian Dollar is having its best run in term of pips gained against the US Dollar since 2011/2012. Now, the question becomes whether or not the positively correlated WTI Crude Oil continues to push higher and closer to 2016 highs will propel the Canadian Dollar higher. On March 09, the Bank of Canada will meet and let the market know if they are going to stop the Canadian Dollar’s Bull Run or encourage it further. For now, it is fair to say that if Oil continues its path higher and the Bank of Canada does not talk the CAD lower, we could see USD/CAD pressing below 1.3000. To see our long-term Oil Outlook, check it out here.
Weekly USD/CAD Chart May Favor A Deeper Retracement Than Originally Expected
USD/CAD has touched the 200-DMA for the first time since early September 2014. Since the last move above the 200-dma, USD/CAD moved from roughly 1.0900 up to ~1.4690. This reversal could be a large move in progress and in the making.
The title of ‘Bounce Now or Forever Hold Your Peace,’ is due to the multiple forms of support that we’re sitting at on the chart.
You can see that we have also retraced roughly 50% of the May-January range. Now, a move below support near 1.3280, the 200-dma, signals a move toward the 61.8% of the range above is slightly under 1.3000 at 1.2977. This move may also find support at the 2009 former range highs. These levels are giving way further validate the behavior change that we have been warning traders of happening.
Resistance to Watch
Short-term resistance on USD/CAD aligns with 1.3500, which is the March 7, 2016, weekly R1 Pivot. Beyond 1.3500, resistance moves toward the 1.3650 zone, which was support throughout February before the recent low gave way, and is also the Weekly R2 Pivot. If the price stays below these key levels, the Canadian Dollar rebound could align aggressively with risk and oil.
Canadian Dollar Rally is Set to Last per Sentiment
When looking at sentiment, crowd sentiment has moved positive providing favor for more downside. We use our Speculative Sentiment Index as a contrarian indicator to price action, and the fact that the majority of traders are net-long at a bull: bear 1.40 means a bearish USD/CAD signal is currently at play. Now that the price has broken below the 100-dma, we are forced to stare at the 200-dma. A break below this new key support metric and a move further into positive territory on the SSI would favor further downside towards downside targets mentioned above.
Combining the technical picture above, with the sentiment picture, and the Intermarket analysis support further warns of more CAD gains ahead.
USD/CAD Speculative Sentiment Index as of 3/7/2016
Interested In Learning the Traits of FXCM’s Successful Traders? If So, Click Here
The Canadian Dollar is having its best run in term of pips gained against the US Dollar since 2011/2012. Now, the question becomes whether or not the positively correlated WTI Crude Oil continues to push higher and closer to 2016 highs will propel the Canadian Dollar higher. On March 09, the Bank of Canada will meet and let the market know if they are going to stop the Canadian Dollar’s Bull Run or encourage it further. For now, it is fair to say that if Oil continues its path higher and the Bank of Canada does not talk the CAD lower, we could see USD/CAD pressing below 1.3000. To see our long-term Oil Outlook, check it out here.
Weekly USD/CAD Chart May Favor A Deeper Retracement Than Originally Expected
USD/CAD has touched the 200-DMA for the first time since early September 2014. Since the last move above the 200-dma, USD/CAD moved from roughly 1.0900 up to ~1.4690. This reversal could be a large move in progress and in the making.
The title of ‘Bounce Now or Forever Hold Your Peace,’ is due to the multiple forms of support that we’re sitting at on the chart.
You can see that we have also retraced roughly 50% of the May-January range. Now, a move below support near 1.3280, the 200-dma, signals a move toward the 61.8% of the range above is slightly under 1.3000 at 1.2977. This move may also find support at the 2009 former range highs. These levels are giving way further validate the behavior change that we have been warning traders of happening.
Resistance to Watch
Short-term resistance on USD/CAD aligns with 1.3500, which is the March 7, 2016, weekly R1 Pivot. Beyond 1.3500, resistance moves toward the 1.3650 zone, which was support throughout February before the recent low gave way, and is also the Weekly R2 Pivot. If the price stays below these key levels, the Canadian Dollar rebound could align aggressively with risk and oil.
Canadian Dollar Rally is Set to Last per Sentiment
When looking at sentiment, crowd sentiment has moved positive providing favor for more downside. We use our Speculative Sentiment Index as a contrarian indicator to price action, and the fact that the majority of traders are net-long at a bull: bear 1.40 means a bearish USD/CAD signal is currently at play. Now that the price has broken below the 100-dma, we are forced to stare at the 200-dma. A break below this new key support metric and a move further into positive territory on the SSI would favor further downside towards downside targets mentioned above.
Combining the technical picture above, with the sentiment picture, and the Intermarket analysis support further warns of more CAD gains ahead.
USD/CAD Speculative Sentiment Index as of 3/7/2016
Interested In Learning the Traits of FXCM’s Successful Traders? If So, Click Here
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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