{"id":62210,"date":"2014-10-20T13:03:56","date_gmt":"2014-10-20T17:03:56","guid":{"rendered":"http:\/\/countingpips.com\/?p=62210"},"modified":"2014-10-20T13:08:15","modified_gmt":"2014-10-20T17:08:15","slug":"canadian-dollar-slips-lower-in-intraday-trading","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/10\/canadian-dollar-slips-lower-in-intraday-trading\/","title":{"rendered":"Canadian Dollar Slips Lower In Intraday Trading"},"content":{"rendered":"<div id=\"inves-2336636076\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">October 20, 2014<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p>Technical Sentiment: <strong>Bearish<\/strong><\/p>\n<p><strong>Key Takeaways<\/strong><\/p>\n<ul>\n<li>Canada Wholesale Sales, in line with consensus at 0.2%, couldn\u2019t boost the domestic currency on Monday;<\/li>\n<li>Swiss Franc is showing an overall bullish tendency against a basket of currencies;<\/li>\n<li>CHF Trade Balance is due Tuesday morning with bullish expectations of 2.43B vs 1.33B previously.<\/li>\n<\/ul>\n<p><em>CAD\/CHF has apparently formed a Lower High following a rejection off 0.8400, suggesting traders are going to target the 200-Day Simple Moving Average next.<\/em><\/p>\n<p><em>\u00a0<\/em><\/p>\n<p><strong>Technical Analysis<\/strong><\/p>\n<p>CAD\/CHF has fallen from 0.8635 down to 0.8315 since breaking the rising wedge chart pattern on 7<sup>th<\/sup> October, crossing below two large moving averages and a huge support level along the way, temporarily stopping once the 38.2% Fibonacci retracement level was reached last Thursday. From a bullish swing configuration of Higher Highs and Higher Lows, CAD\/CHF has now completely turned around to a downtrend in two short weeks.<\/p>\n<p><img decoding=\"async\" src=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/10\/CADCHF20thOct.png\" alt=\"CADCHF20thOct\" \/><\/p>\n<p>Spot is currently trading at 0.8358 halfway through 20<sup>th<\/sup>\/10 U.S. trading session. A rejection off of 0.8400, one of the largest pivot zones formed in the 2<sup>nd<\/sup> half of 2014, coupled with 100-Day Simple Moving Average, is suggesting that sellers are returning sooner than anticipated as the correction phase winds down and the newly formed trend takes over. While 0.8400 holds as resistance losses are expected to deeper and accelerate in the coming days. Bears will be looking to price in a fresh low, with the support at 0.8234 and the 200-Day Simple Moving average providing the largest attraction point towards the downside.<\/p><div id=\"inves-2150442688\" 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>Daily stochastic is showing oversold conditions, however this will become irrelevant if price drops below the 38.2% Fibonacci line. A bounce is more likely off the 200-Day SMA, where price has shown a strong tendency to bottom in recent months. Based on the size and speed of the rejection, we will determine bullish targets in a future analysis.<\/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: Bearish Key Takeaways Canada Wholesale Sales, in line with consensus at 0.2%, couldn\u2019t boost the domestic currency on Monday; Swiss Franc is showing an overall bullish tendency against a basket of currencies; CHF Trade Balance is due Tuesday morning with bullish expectations of 2.43B vs 1.33B previously. CAD\/CHF has apparently formed a Lower [&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-62210","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/62210","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=62210"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/62210\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=62210"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=62210"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=62210"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}