{"id":97953,"date":"2016-11-10T06:30:22","date_gmt":"2016-11-10T11:30:22","guid":{"rendered":"http:\/\/countingpips.com\/?p=97953"},"modified":"2016-11-10T06:30:22","modified_gmt":"2016-11-10T11:30:22","slug":"usdcad-forex-technical-analysis-chances-for-further-rate-cut-fall","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2016\/11\/usdcad-forex-technical-analysis-chances-for-further-rate-cut-fall\/","title":{"rendered":"USDCAD: Forex Technical Analysis &#8211; Chances for further rate cut fall"},"content":{"rendered":"<div id=\"inves-4023908266\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">November 10, 2016<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p>By <a href=\"http:\/\/www.ifcmarkets.com\/\" target=\"_blank\">IFCMarkets<\/a><\/p>\n<p><strong>Chances for further rate cut fall<\/strong><\/p>\n<p>Strong labour market data for October came out in Canada. Currency market shrugged of them ahead of US elections but the chances for further rate cut in Canada finally fell on Wednesday. Will <a href=\"http:\/\/www.ifcmarkets.com\/en\/trading-conditions\/forex\/usdcad\">Canadian dollar<\/a> strengthen?<\/p>\n<p>Unemployment in Canada remained at 7% in October 2016 but job openings rose by 43.9 thousand. This is far above their expected decline by 15 thousand. Bank of Canada supports the interest rate of 0.5% since last July. The chances for its further decline after the labour market report for October fell from 33% to 20%. The next Bank of Canada meeting will take place on December 7, 2016. After Republican Donald Trump won at US presidential elections, Canadian dollar hit a fresh 8-month low. Investors worry Trump may want to revise the NAFTA trade agreement. This may weaken the Canadian currency and is the major risk for her. Positive factor is higher oil, grains and metal prices which account for a large part of Canada\u2019s export. The next significant economic data will come out in Canada on November 18 \u2013 inflation for October. Stronger Canadian dollar looks as decline in USDCAD chart.<\/p>\n<p style=\"text-align: center; margin-bottom: 20px; margin-top: 20px;\"><img decoding=\"async\" style=\"float: none;\" src=\"http:\/\/www.ifcmarkets.com\/uploads\/images\/09-11-2016.png\" alt=\"USDCAD\" width=\"660px\" \/><\/p>\n<p class=\"emailSummary\">On the daily chart <b>USDCAD: D1<\/b> is within the rising trend. It has approached its resistance but failed to accelerate. Retracement is possible in case new US president leave the base \u041a\u043e\u0440\u0440\u0435\u043a\u0446\u0438\u044f \u0432\u043e\u0437\u043c\u043e\u0436\u043d\u0430, \u0435\u0441\u043b\u0438 \u043d\u043e\u0432\u044b\u0439 \u043f\u0440\u0435\u0437\u0438\u0434\u0435\u043d\u0442 \u0421\u0428\u0410 \u0441\u043e\u0445\u0440\u0430\u043d\u0438\u0442 \u0431\u0430\u0437\u043e\u0432\u044b\u0435 \u043f\u043e\u043b\u043e\u0436\u0435\u043d\u0438\u044f \u0442\u043e\u0440\u0433\u043e\u0432\u043e\u0433\u043e \u0441\u043e\u0433\u043b\u0430\u0448\u0435\u043d\u0438\u044f NAFTA, \u0430 \u0442\u0430\u043a\u0436\u0435 \u043f\u0440\u0438 \u043f\u043e\u0432\u044b\u0448\u0435\u043d\u0438\u0438 \u043d\u0435\u0444\u0442\u044f\u043d\u044b\u0445 \u043a\u043e\u0442\u0438\u0440\u043e\u0432\u043e\u043a.<\/p>\n<ul class=\"emailSummary\">\n<li><b>Parabolic<\/b> gives bearish signals.<\/li>\n<li><a href=\"http:\/\/www.ifcmarkets.com\/en\/bolinger-bands\">Bollinger bands<\/a> show normal volatility, they are tilted downwards.<\/li>\n<li><a href=\"http:\/\/www.ifcmarkets.com\/en\/ntx-indicators\/rsi\">RSI<\/a> is above 50. It has formed negative divergence.<\/li>\n<li><a href=\"http:\/\/www.ifcmarkets.com\/en\/ntx-indicators\/macd\">MACD<\/a> gives bearish signals.<\/li>\n<\/ul>\n<p>The bearish momentum may develop in case <b>USDCAD<\/b> falls below Parabolic signal at 1.323. This level may serve the point of entry. The initial risk limit is possible above 8-month high and upper Bollinger band at 1.355. Having opened the pending order we shall move the stop to the next fractal high following the Parabolic and Bollinger signals. Thus, we are changing the probable profit\/loss ratio to the breakeven point. The most risk-averse traders may switch to the 4-hour chart after the trade and place there a stop-loss moving it in the direction of the trade. If the price meets the stop-loss level at 1.355 without reaching the order at 1.323, we recommend cancelling the position: the market sustains internal changes which were not taken into account.<\/p><div id=\"inves-2892105317\" 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<h2 class=\"emailSummary\" style=\"margin-top: 15px !important;\">Summary of technical analysis<\/h2>\n<table style=\"border: solid 1px black;\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td align=\"left\" valign=\"top\"><b>Position<\/b><\/td>\n<td align=\"left\" valign=\"top\">Sell<\/td>\n<\/tr>\n<tr>\n<td align=\"left\" valign=\"top\"><b>Sell stop<\/b><\/td>\n<td align=\"left\" valign=\"top\">below 1.323<\/td>\n<\/tr>\n<tr>\n<td align=\"left\" valign=\"top\"><b>Stop loss<\/b><\/td>\n<td align=\"left\" valign=\"top\">above 1.355<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Market Analysis provided by <a href=\"http:\/\/www.ifcmarkets.com\/\" target=\"_blank\">IFCMarkets<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By IFCMarkets Chances for further rate cut fall Strong labour market data for October came out in Canada. Currency market shrugged of them ahead of US elections but the chances for further rate cut in Canada finally fell on Wednesday. Will Canadian dollar strengthen? Unemployment in Canada remained at 7% in October 2016 but job [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-97953","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/97953","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=97953"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/97953\/revisions"}],"predecessor-version":[{"id":97965,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/97953\/revisions\/97965"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=97953"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=97953"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=97953"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}