Commentary on the USD/CAD

Forexmentor.com Forex Trading Price Action

The USD/CAD pair is pretty much on a roller coaster ride – but holding its own on the daily chart. It looks like it’s trying to put in a bottom there. From a day trading perspective, it has become a tad challenging to predict its next move. That’s okay if you’re position trading with a wide stop (75-150 pips), but you have to be super careful with those intraday swings.

Right now, as I look at the hourly and 15 min. charts, MACD is trending up on the hourly, price is above the 200 EMA on the hourly, price is above the 200 EMA on the 15 min., MACD is above the waterline on the 15 min., and RSI is above its waterline (the 50 level). The only caveat on the 15 min. is slow Stochastics being overbought, and turning down. All of this translates into an up-trending market for the USD/CAD pair on an intra-day basis.

My commentary here is as at 10 pm ET Wed., Jun. 20/07. Stay tuned for more price action news at: http://www.forexmentor.com/

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Commentary on the USD/CAD

Forexmentor.com Forex Trading Price Action

I’m on my hands and knees, hoping and praying that we’re at a bottom on the USD/CAD pair. No – just kidding folks. I don’t throw any Hail Mary passes. But, I do like what I see on the daily chart for this pair. It is basing nicely, with MACD having punched up through its trigger line, and trending up at a nice angle – with good angle and separation between it and its trigger line. Am I calling a bottom yet? No! But, what I am suggesting is that you keep a close eye on this pair, just in case.

I read an interesting article recently quoting the Bank of Canada Governor Dodge, wherein he said the fundamentals to not support the loonie having risen so far so fast. And, it would appear as though that any notion of an interest rate hike has already been factored into price action. Translation: I personally can see upside potential for this pair in the near future. But, as Steve Nison would say, even monkies fall out of trees sometimes. Stay tuned for further news on this pair at: http://www.forexmentor.com/

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