{"id":61080,"date":"2014-09-29T07:55:37","date_gmt":"2014-09-29T11:55:37","guid":{"rendered":"http:\/\/countingpips.com\/?p=61080"},"modified":"2014-09-29T08:14:33","modified_gmt":"2014-09-29T12:14:33","slug":"usdcad-slows-down-as-resistance-caps-rally","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/09\/usdcad-slows-down-as-resistance-caps-rally\/","title":{"rendered":"USD\/CAD Slows Down As Resistance Caps Rally"},"content":{"rendered":"<div id=\"inves-3847267162\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">September 29, 2014<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p>Technical Sentiment: <strong>Bullish<\/strong><\/p>\n<p><strong>Key Takeaways<\/strong><\/p>\n<ul>\n<li>Core PCE Price Index (bearish expectations), Personal Spending (bullish) and Pending Home Sales (bearish) due at the start of the U.S. trading session;<\/li>\n<li>Canada\u2019s GDP due to be released on Tuesday, expected figure at 0.2% vs. 0.3% in August;<\/li>\n<li>USD\/CAD remained neutral during the first two trading sessions of the week.<\/li>\n<\/ul>\n<p><em>While USD\/CAD can only be described as extremely bullish \u2013 with Higher Lows and Higher Highs forming on the Daily chart \u2013 traders might opt for a bearish correction during the first half of this week, at a minimum until \u201cbuy the dips\u201d strategy becomes too attractive to pass up.<\/em><\/p>\n<p><em>\u00a0<\/em><\/p>\n<p><strong>Technical analysis<\/strong><\/p>\n<p><img decoding=\"async\" src=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/09\/USDCAD29thSeptember.png\" alt=\"USDCAD29thSept\" \/><\/p>\n<p>Following a strong bounce off a huge support cluster between 1.088-1.093, USD\/CAD went on to exceed 15<sup>th<\/sup> September High of 1.1097, adding further weight to those scenarios that suggest we may soon see the pairs at fresh yearly highs above 1.1277.<\/p>\n<p>USD\/CAD is currently trading around 1.1150 ahead of the 9\/29 U.S. session, just below today\u2019s Open after bouncing off 1.1177 during intraday trading. Price action seems to respect the resistance of a 3-month old bullish channel, raising the probability of a temporary correction within the uptrend. Stochastic has already entered overbought territory on 4H and Daily, indicating a top could form at current levels. An initial decline below 1.1130 could trigger a limited sell-off down to 1.1000\/30, where USD\/CAD will likely find plenty of offers around the main support cluster (pivot zone, 200 Simple Moving Average and 50% Fibonacci retracement on the most recent upswing).<\/p><div id=\"inves-1904385824\" 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>A rally above 1.1175, confirmed by a Daily Close, will invalidate views of a correction within the bullish channel. In this situation we are likely to see the rally accelerate directly to 1.1277, where traders are going to face the next long term decision.<\/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<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Technical Sentiment: Bullish Key Takeaways Core PCE Price Index (bearish expectations), Personal Spending (bullish) and Pending Home Sales (bearish) due at the start of the U.S. trading session; Canada\u2019s GDP due to be released on Tuesday, expected figure at 0.2% vs. 0.3% in August; USD\/CAD remained neutral during the first two trading sessions of the [&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-61080","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/61080","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=61080"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/61080\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=61080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=61080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=61080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}