{"id":63091,"date":"2014-11-04T10:33:07","date_gmt":"2014-11-04T15:33:07","guid":{"rendered":"http:\/\/countingpips.com\/?p=63091"},"modified":"2014-11-04T10:49:48","modified_gmt":"2014-11-04T15:49:48","slug":"usdcad-breaks-resistance-unfazed-by-trade-deficits","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/11\/usdcad-breaks-resistance-unfazed-by-trade-deficits\/","title":{"rendered":"USD\/CAD Breaks Resistance Unfazed by Trade Deficits"},"content":{"rendered":"<div id=\"inves-4267943770\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">November 4, 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>Canadian Trade Balance posted a surprising uptick to 0.7B for September, however plummeting oil prices didn\u2019t help the domestic currency gain against its counterparts;<\/li>\n<li>S. Trade Deficit Widened to -43.0B on declining exports;<\/li>\n<li>USD\/CAD broke above October\u2019s High at 1.1382, signaling more gains for the pair;<\/li>\n<\/ul>\n<p><em>USD\/CAD uptrend continues to accelerate despite a ballooning U.S. trade deficit, underlining investors\u2019 confidence in the greenback.<\/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\/11\/USDCAD4thNovember.jpg\" alt=\"USDCAD4thNovember\" \/><\/p>\n<p>A fresh Higher High is being pursued by USD\/CAD bulls now that price has successfully rallied above 15<sup>th<\/sup> October high at 1.1384. Only last week price broke above the resistance of a bearish channel (temporary consolidation in the shape of flag pattern on Daily timeframe), and in less than three days the pair has successfully recovered all losses from previous weeks. This solidifies the uptrend configuration while paving the way for more gains in the near future.<\/p>\n<p>Spot is currently trading at 1.1405, stabilizing above last month\u2019s resistance. Although buying pressure is showing no signs of decreasing, overbought conditions are likely to take their toll soon. We expect rallies to continue towards 1.4160\/70, with a possible dip soon afterwards in order to re-test 1.1382 and confirm this level as support.<\/p><div id=\"inves-1827928422\" 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>Long term targets towards the upside include 1.1600, currently the resistance of a bullish channel dating back to 2012, with an even larger target at 1.1750, where a multi-year price pivot zone should be the ultimate target for long-term buyers.<\/p>\n<p>*********<br \/>\nPrepared by Alex, 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: Bullish Key Takeaways Canadian Trade Balance posted a surprising uptick to 0.7B for September, however plummeting oil prices didn\u2019t help the domestic currency gain against its counterparts; S. Trade Deficit Widened to -43.0B on declining exports; USD\/CAD broke above October\u2019s High at 1.1382, signaling more gains for the pair; USD\/CAD uptrend continues to [&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-63091","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/63091","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=63091"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/63091\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=63091"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=63091"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=63091"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}