Aside from the Japanese Yen, which recently hit levels not seen since October 2014, the Canadian Dollar is the 2nd strongest major currency in 2016. Ironically, the Canadian Dollar seemed to be on the losing side of the Oil correlation as the price of Oil began its fall in Summer of 2014, USD/CAD began its ascent from 1.06195 up to the January 20 high of 1.4678. However, the Bank of Canada would put doubts on the interest rate cuts and a few months later the Fed would place doubts on multiple rate hikes,and now, USD/CAD shows little sign of slowing down.
Since January 20, USD/CAD has fallen 1734.9 pips or nearly 12% in nine consecutively bearish weeks. Thursday morning’s drop in USD/CAD saw a move below 1.3000 for the first time since October. A break below the October 2014 low at 1.28311, when WTI Crude Oil reached $50.90/bbl, would bring about the lowest level since July. This move has made the Canadian Dollar the strongest G10 Commodity currency in 2016.
Weekly USD/CAD Chart Shows LT Support Is Now Being Approached
Resistance to Watch
In a recent post, we stated that USD/CAD should ‘Bounce Now Or Forever Hold [Its] Peace.’ The only words we’ve heard have been that of Janet Yellen, who has talked down the US Dollar since she hiked in December, which has put the US Dollar in retreat mode.
Now that USD/CAD has definitively pushed through the 200-DMA for the first time since Summer 2014, it will now be resistance. The 200-DMA currently sits at 1.3313 vs. the spot price of 1.2980. Also, you can see that we’ve retraced roughly 61.8% of the May-January range.
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 of 1.82 as 65% of traders are long. This reading means that a bearish USD/CAD signal is currently at play, which has been the case since late February. Now that the price has broken below the 200-dma, we’re forced to stare at the October low. 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 3/17/2016
Interested In Learning the Traits of FXCM’s Successful Traders? If So, Click Here
Aside from the Japanese Yen, which recently hit levels not seen since October 2014, the Canadian Dollar is the 2nd strongest major currency in 2016. Ironically, the Canadian Dollar seemed to be on the losing side of the Oil correlation as the price of Oil began its fall in Summer of 2014, USD/CAD began its ascent from 1.06195 up to the January 20 high of 1.4678. However, the Bank of Canada would put doubts on the interest rate cuts and a few months later the Fed would place doubts on multiple rate hikes,and now, USD/CAD shows little sign of slowing down.
Since January 20, USD/CAD has fallen 1734.9 pips or nearly 12% in nine consecutively bearish weeks. Thursday morning’s drop in USD/CAD saw a move below 1.3000 for the first time since October. A break below the October 2014 low at 1.28311, when WTI Crude Oil reached $50.90/bbl, would bring about the lowest level since July. This move has made the Canadian Dollar the strongest G10 Commodity currency in 2016.
Weekly USD/CAD Chart Shows LT Support Is Now Being Approached
Resistance to Watch
In a recent post, we stated that USD/CAD should ‘Bounce Now Or Forever Hold [Its] Peace.’ The only words we’ve heard have been that of Janet Yellen, who has talked down the US Dollar since she hiked in December, which has put the US Dollar in retreat mode.
Now that USD/CAD has definitively pushed through the 200-DMA for the first time since Summer 2014, it will now be resistance. The 200-DMA currently sits at 1.3313 vs. the spot price of 1.2980. Also, you can see that we’ve retraced roughly 61.8% of the May-January range.
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 of 1.82 as 65% of traders are long. This reading means that a bearish USD/CAD signal is currently at play, which has been the case since late February. Now that the price has broken below the 200-dma, we’re forced to stare at the October low. 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 3/17/2016
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!
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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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