{"id":59775,"date":"2014-09-03T11:12:16","date_gmt":"2014-09-03T15:12:16","guid":{"rendered":"http:\/\/countingpips.com\/?p=59775"},"modified":"2014-09-03T11:24:20","modified_gmt":"2014-09-03T15:24:20","slug":"lower-high-signals-usdcad-correction","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/09\/lower-high-signals-usdcad-correction\/","title":{"rendered":"Lower High Signals USD\/CAD Correction"},"content":{"rendered":"<div id=\"inves-75821254\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">September 3, 2014<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p>Technical Sentiment: <span style=\"color: #ff0000;\"><strong>Bearish<\/strong><\/span><\/p>\n<p><strong>Key Takeaways<\/strong><\/p>\n<ul>\n<li>Bank of Canada left rates unchanged at 1%;<\/li>\n<li>U.S. Factory Orders surged 10.5%, just below the expected consensus of 10.9%;<\/li>\n<li>USD\/CAD trades below 1.0900 as buying pressure fades;<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><em>USD\/CAD bulls are retreating ahead of two extremely heavy days. Trade Balance, Employment Changes and Unemployment Claims and Rates from U.S. and Canada are due Thursday and Friday; with expectations for volatile moves running high.<\/em><\/p>\n<p><em>\u00a0<\/em><\/p>\n<p><strong>Technical Analysis<\/strong><\/p>\n<p style=\"text-align: justify;\">Wednesday didn\u2019t offer any major surprises as Bank of Canada maintained interest rates at 1% while U.S. Factory Orders were pretty much in line with expectations. This state of relative quiet allowed dollar bulls to settle down a bit, giving USD\/CAD a temporary chance to correct lower.<\/p>\n<p><a href=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/09\/USDCAD3rdSeptember.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-6221\" src=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/09\/USDCAD3rdSeptember.png\" alt=\"USDCAD3rdSeptember\" width=\"700\" height=\"344\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">From a technical perspective, USD\/CAD remains bearish in the short term as indicated by multiple Lower Lows formed throughout August. Price topped at 1.0942 in early Asian trading, forming a temporary Lower High, hinting at potentially further weakness. The pair is currently trading around 1.0888, flirting with a support cluster formed by 200 Simple Moving Average on the 4H time frame and the 200-Day SMA. A close below 1.0875 will open the way towards 1.0813\/20 in the next few trading sessions, preserving the bearish direction expressed by the configuration of lower lows and lower highs. If 1.8013 will be breached, USD\/CAD will extend losses towards 1.0715, where traders will be confronted with a long term decision.<\/p><div id=\"inves-4197962235\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<p style=\"text-align: justify;\">A spike above 1.0942 will invalidate the previously mentioned bearish scenario, forcing price to accelerate up to 1.0985 and possibly 1.1025 before the end of the week.<\/p>\n<p>*********<br \/>\nPrepared by Alex Z., Chief Currency Strategist at <a href=\"http:\/\/www.capitaltrustmarkets.com\/\">Capital Trust Markets<\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Technical Sentiment: Bearish Key Takeaways Bank of Canada left rates unchanged at 1%; U.S. Factory Orders surged 10.5%, just below the expected consensus of 10.9%; USD\/CAD trades below 1.0900 as buying pressure fades; USD\/CAD bulls are retreating ahead of two extremely heavy days. Trade Balance, Employment Changes and Unemployment Claims and Rates from U.S. and [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-59775","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/59775","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=59775"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/59775\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=59775"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=59775"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=59775"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}