In the last few weeks, the Canadian dollar has eased back through the significant level at 1 and slowly moved its way back towards the strong support level at 0.99. In the last couple of weeks, the Canadian dollar has settled very comfortably on a support level just above 0.99 at 0.9920. Since the middle of October, the Canadian dollar has been on a roller coaster ride moving back and forth between 0.99 and 1 and even though it made a strong attempt to push through 1 and stay there, it was met with overwhelming supply which resulted in an eventual move back below.It consolidated above there for a week or so, however it has worked its way steadily lower and settled just above the 0.99 level.
For the most part since since the middle of October, the Canadian dollar has remained above the 0.99 level and experienced significant resistance at 1 and support at 0.99 throughout. (Daily chart below)
daily chart
USD/CAD |
Dec 6 at 03:20 GMT |
0.9925 / 27 | H: 0.9941 | L: 0.9908 |
S3 | S2 | S1 | R1 | R2 | R3 |
0.9900 | 0.9850 | 0.9750 | 1.0000 | 1.0100 | 1.0200 |
USD / CAD Long – Short Ratio
(Shows the ratio of long vs. short positions for the USD / CAD. The left percentage (blue) shows long positions; the right percentage (orange) shows short positions.)
USD/CAD Technical
- During the early hours of the Asian trading session on Thursday, the Canadian dollar is just starting to push off the short term support level at 0.9920.
- For the last month or so, the 0.99 level has been a solid support level and this is likely to play a role again in the near future.
- Current range: just above 0.9920.
Further levels in both directions:
- Below: 0.9900, 0.9850, and 0.9750.
- Above: 1.0000, 1.0100 and 1.0200.
December 6
- CH 6:45 (GMT) Unemployment (Nov)
- CH 8:15 (GMT) CPI/HICP (Nov)
- UK 9:30 (GMT) Trade Balance (Oct)
- EU 10:00 (GMT) GDP (2nd Est.) (Q3)
- EU 12:45 (GMT) ECB – Interest Rate (Dec)
- CA 13:30 (GMT) Building permits (Oct)
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