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USD/CAD - Technical analysis of the currency pair USD/CAD on August 25
USD/CAD - Technical analysis of the currency pair USD/CAD on August 25 On the daily chart, the pair received support at the "round" level of 1.2600 - previously it was a resistance in July and August. A small rebound from 1.2600 cannot yet be considered as a resumption of growth. Rather, it is corrective, and is caused by a combination of an overdue correction (the decline from the August maximum to the level of 1.2600 was more than 350 points without corrections), and the achievement of strong support (at the previous strong resistance level). The rebound up from 1.2600 may continue, but the resumption of the decline seems more likely, since after a strong reversal, the trend is likely to continue in the short term.On the four-hour chart, there is a rebound up from 1.2600 (a strong support level) , while it is more likely to reach the nearest resistance at 1.2655 (at the maximum on August 17 and the level where the decline stopped on August 23-24). Given that the wave of decline from August 20 to 24 exceeded 350 points in size, even a corrective upward movement may be relatively large, but this would not change the clearly visible picture of a reversal. According to the directional movement indicators, the trend is a decline: DM- above DM+, the MACD histogram remains in the negative zone, the MACD line has a negative ...
USD/CAD forecast Canadian dollar for today and August 12-13, 2021
USD/CAD forecast Canadian dollar for today and August 12-13, 2021 The US dollar shows a weak growth against the Canadian currency during the morning session after an active decline the day before, which was due to the appearance of technical factors, as well as the publication of not the most confident macroeconomic statistics. Thus, labor productivity excluding the agricultural sector in the 2nd quarter of 2021 slowed from + 4.3% to +2.3%, which turned out to be worse than analysts ' expectations at +3.5%. The NFIB business optimism index in July adjusted from 102.5 to 99.7 points, which also turned out to be worse than forecasts.Nevertheless, the US currency continues to strengthen as the comments of representatives of the US Federal Reserve come to the market, confirming the regulator's course for an early tightening of monetary policy. A more confident growth of the instrument is hindered so far only by statistics on the incidence of coronavirus in the United States and a number of Asian countries.Support and resistance levelsThe Bollinger bands on the daily chart show a reversal in the horizontal plane within the forex forecast. The price range is actively narrowing, reflecting the appearance of multidirectional trading dynamics in the short term. The MACD indicator turned down, forming a weak sell signal (the histogram is located below the signal line). Stochastic, having not risen above the "80" mark, turned down, reacting to the appearance of "bearish" dynamics last Tuesday.The current readings of technical indicators do not contradict the development of downward dynamics in the short and/or ultra-short term.Resistance levels: 1.2554, 1.2600, 1.2650, 1.2700.Support levels: 1.2500, 1.2439, 1.2400, 1.2352Trading ScenariosThus, USD/CAD forecast of the Canadian dollar for August 12-13, 2021 to open new short positions, you can rely on a confident breakdown of the 1.2500 level down. Take profit - 1.2400. The stop loss is 1.2554. Implementation period: 1-2 days.A rebound from the 1.2500 level as a support, followed by a breakdown of the 1.2554 mark up, may be a signal for new purchases with a target of 1.2650. The stop loss is ...
USD/CAD forecast Canadian dollar for today and August 11-12, 2021
USD/CAD forecast Canadian dollar for today and August 11-12, 2021 Today, during the Asian session, the USD/CAD pair shows mixed trading dynamics, holding near local highs from July 28.Market activity on Tuesday remains subdued, as investors expect the emergence of new drivers of movement in the market. In the meantime, the strong report on the US labor market published last Friday provides strong support for the instrument. The data in many respects turned out to be better than market expectations, which increased the chances that the US Federal Reserve will respond to the strengthening of the economy by reducing existing incentives.The Canadian report, which was also presented on Friday, showed much more modest results, and therefore remained without attention. Thus, the July employment indicator showed an increase of only 94 thousand after an increase of 230.7 thousand last month. Analysts expected an increase of 177.5 thousand. At the same time, the unemployment rate still fell significantly from 7.8% to 7.5%, only slightly falling short of the expected values of 7.4%.Support and resistance levelsOn the daily chart, the Bollinger bands are moving flat within the forex forecast. The price range practically does not change, but it remains quite spacious for the current level of activity in the market. The MACD indicator is growing, maintaining a weak buy signal (the histogram is located above the signal line). Stochastic maintains a confident upward trend, but is rapidly approaching its maximum levels, signaling the risks of overbought US currency in the ultra-short term.Resistance levels: 1.2600, 1.2650, 1.2700, 1.2746.Support levels: 1.2554, 1.2500, 1.2439, 1.2400.Trading ScenariosThus, USD/CAD forecast for the Canadian Dollar on August 11-12, 2021, long positions can be opened after the breakdown of the 1.2600 level up with the target of 1.2700. The stop loss is 1.2554. Implementation period: 2-3 days.Short positions can be opened after a rebound from the 1.2600 level and a breakdown of the 1.2554 level down with a target of 1.2439. The stop loss is ...
USD/CAD forecast Canadian dollar for today and August 10-11, 2021
USD/CAD forecast Canadian dollar for today and August 10-11, 2021 Against the background of weak employment data in Canada, the USD/CAD pair shows an upward trend, trading at 1.2559.The number of new jobs created last month was only 94.0 thousand, which was significantly lower than the 177.5 thousand expected by analysts, and was much lower than the June figure of 230.7 thousand. The value was reflected in the overall unemployment rate, which reached 7.5% against the expected 7.4%. The share of the economically active population remained unchanged and amounted to 65.2%.Data on the labor market in the United States, on the contrary, pleased investors. The number of people employed in the non-agricultural sector increased to 943 thousand from 938 thousand in June, which exceeded forecasts at the level of 870 thousand. Although employment in the private non-agricultural sector did not increase compared to June data, it turned out to be better than the analysts ' forecast, amounting to 703 thousand against 700 thousand. The overall unemployment rate in the country fell to 5.4% from 5.9% in the previous period, which was a positive signal for investors waiting for the US Federal Reserve to take action to wind down the quantitative easing program.Support and resistance levelsOn the global chart, the price has overcome the upper limit of the descending channel and is trying to gain a foothold lower within the forex forecast. The range of fluctuations of the EMA on the alligator indicator has narrowed almost completely, and the histogram of the AO oscillator has moved into the buy zone.Resistance levels: 1.2654, 1.3335.Support levels: 1.2420, 1.2000.Trading ScenariosThus, USD/CAD forecast of the Canadian Dollar for August 10-11, 2021 if the global growth of the asset continues, as well as the price fixes above the level of 1.2654, buy positions with a target of 1.3335 will be relevant. The stop loss is 1.2500. Implementation period: 7 days or more.In the event of a reversal and a continuation of the local decline of the asset, as well as consolidation below the 1.2420 mark, sell positions with a target of 1.2000 will be relevant. The stop loss is ...

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Dollar falls, losing support from US government bonds
Dollar falls, losing support from US government bonds The dollar fell against the Canadian dollar and hovered near multi-month lows against European currencies on Tuesday as Treasury bond yields were little moved amid expectations the US Federal Reserve will not raise interest rates in the near future.Dallas Fed President Robert Kaplan reiterated on Monday that he does not expect interest rates to rise until next year, lowering expectations that inflationary pressures could force the Fed to change policy sooner than stated.The yield on 10-year US Treasury bonds stood at 1.6454%, continuing a decline from last week's five-week high.The dollar index to a basket of six major currencies was down 0.19% to 89.991 by 09:34 Moscow time. The euro rose 0.25% to $1.2181, close to its lowest level since February 26. At the same time, the pound rose 0.31% to $1.4178. The British currency was supported by the lifting of coronavirus restrictions in the UK.The Canadian dollar rose 0.31% against the US dollar to $1.2029, almost hitting a six-year high, thanks to higher oil prices. "The Aussie rose 0.46% to $0.7799. The New Zealand dollar rose 0.58% to $0.7242.The mainland yuan rose 0.2% to 6.4257. The Japanese yen rose 0.1 per cent paired with the dollar, to 109.08 yen.In the cryptocurrency market, bitcoin rose 3.81% to $45.255 but remained near a three-month low following tweet from Tesla CEO Elon Musk. Etherium rose 7.58% to $3,529.95, recovering from a two-week low hit on Monday.Read more: The history of Federal Reserve (Fed) and its ...
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