Commentary on the USD/CAD

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The USD/CAD pair seems to be bucking the overall trend of oil prices, which is down. Oil has not yet cracked the $60-dollar mark. Plus which, the futures price still has to fill the gap it left behind recently. That would see a pull-back in that market, and an attendant rise in the pair in the forex market. Only time will tell, but we could be at a turning point, in that the pair is oversold, and a rebound is inevitable.

I am still fully invested in the pair, but am looking for a point to take half my profits, which would be on a reversal of the recent slide. Next week, I’ll try to cover other currencies, like the Aussie, euro, kiwi, pound, etc. In the meantime, keep www.forexmentor.com in mind for all your forex training needs.

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Commentary on the USD/CAD swoon in price

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The swoon in the USD/CAD pair may be coming to an end. We’ve had quite a tumble since the robust jobs report came out. Such data would encourage the Bank of Canada to leave interest rates where they are, and not lower them any time soon. That report caught everybody off guard, including me. That said, we have positive divergence on the 4 hour MACD histogram, and positive divergence on MACD itself on the 1 hour chart. Price is very much oversold, and ready for a rebound.

I am not yet ready to call this a buying opportunity, as I am keeping a close eye on oil prices, and the futures chart for the Canadian dollar. I see this week as being pivotal as to where the USD/CAD pair is headed next. Stay tuned folks. I will let you know the minute I get a sense as to what to do next. In the meantime, I am still fully invested.

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Commentary on what's up with the USD/CAD

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So, what’s up with the Canadian dollar? It’s (USD/CAD) fallen off quite a bit. The only thing I can say is that oil prices have failed to breach the $60-dollar mark, and in the futures world price has gapped up – meaning that normally gaps have to be filled, which would continue the downward momentum (upward momentum as far as the forex pair is concerned).

So, I remain cautiously optimistic that the pair still has legs. I know I’m getting a lot of heat on this, but so be it. I will be keeping an eye on oil prices, and where price goes in the futures world. Sure, we had a good jobs report last Friday, but the other aspects of the economy have not changed. I see this week as being strategic as to where the pair goes next.

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