{"id":14026,"date":"2010-10-14T10:18:59","date_gmt":"2010-10-14T14:18:59","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=14026"},"modified":"2010-10-14T10:18:59","modified_gmt":"2010-10-14T14:18:59","slug":"usdcad-approaching-6-month-low","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/10\/14\/usdcad-approaching-6-month-low\/","title":{"rendered":"USD\/CAD Approaching 6-Month Low"},"content":{"rendered":"<p><strong>By Greg Holden<\/strong> &#8211; The US dollar has continued to plummet against most of its currency  rivals this past week, with some now saying that a round of quantitative  easing has already been priced in by speculators. The Canadian dollar  has also been falling versus many of its currency counterparts, but  interestingly it is reaching towards a 6-month high mark against the  greenback.<\/p>\n<p>In the chart below we can see that the  USD\/CAD pair has been falling for the past few months, but trading  somewhat flat for the past half-year between 0.9960 and 1.0600. As the  price approaches the 23.6% support level on the Fibonacci, traders  should be able to determine the direction of the pair by its trading  behavior over the next few days.<\/p>\n<p>Other technical indicators seem to suggest an impending upward  correction to the pair. The RSI on the chart below has the price just  entering the over-sold region, suggesting a build-up in upward pressure.  The Stochastic (slow) also appears moments away from a bullish cross,  which supports the notion of an upward move.<\/p>\n<p>So long as no major fundamental news causes a shift in value for  either currency, the pair may likely see an upward correction after  bouncing off the 0.9960 price level. Long-term buy positions appear to  be beneficial for USD\/CAD traders.<\/p>\n<p><strong>USD\/CAD \u2013 Weekly Chart<\/strong><\/p>\n<p><a href=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/10\/USDCAD-Daily-Chart.JPG\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/10\/USDCAD-Daily-Chart.JPG\" alt=\"\" width=\"587\" height=\"767\" \/><\/a><\/p>\n<p><em><strong>Forex <\/strong><strong>Market Analysis provided by <a href=\"http:\/\/www.forexyard.com\/?zone_id=1398\" target=\"_blank\">ForexYard.<\/a><\/strong><\/em><\/p>\n<p>\u00a9 2006 by FxYard Ltd<\/p>\n<p>Disclaimer: Trading Foreign Exchange carries a high level of risk and                                                                                                      may     not    be          suitable     for         all                        investors.            There       is    a                                          possibility               that                       you         could                   sustain a     loss             of    all        of            your                                    investment   and                               therefore    you                        should       not                 invest                  money       that         you                        cannot               afford to                       lose.   You                      should         be             aware         of               all         the           risks                           associated           with                 Foreign                 Exchange                         trading.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Greg Holden &#8211; The US dollar has continued to plummet against most of its currency rivals this past week, with some now saying that a round of quantitative easing has already been priced in by speculators. The Canadian dollar has also been falling versus many of its currency counterparts, but interestingly it is reaching &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/10\/14\/usdcad-approaching-6-month-low\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;USD\/CAD Approaching 6-Month Low&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-14026","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/14026","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=14026"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/14026\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=14026"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=14026"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=14026"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}