Keltner channels lead USDCAD higher (based on tradingfloor article)Initial demand took USDCAD to the most positive levels traded for five
years last week. Although last week ended with some sharp profit taking,
a second positive weekly performance in a row, bullish daily and weekly
Keltner channels and the support of the 13-day moving average keep the
focus on the topside.
Entry: 1.1225/35 area and dip to 1.1267.
Stop: 1.1220 offered.
Target: 1.1400 and 1.1468.
Time horizon: This week.
USD/CAD Sharp Pullback Produces A Bearish Engulfing Formation (based on dailyfx article)
USD/CAD has retreated back below the former 1.1380 peak, leaving behind a Bearish Engulfing formation.
Similar pullbacks have proven shallow in the past and the latest dip
may prove no different. Buyers may look to step up at former
resistance-turned-support at the 1.1285 mark.
AUDIO - Sitting Down with Michael Young
For 38 years Michael Young has been trading a variety of asset
classes, and seen many things! He joins Merlin to talk about market
pattens and what emphasis he places on thise, as well as what he sees as
good trading opportunities going forward. The duo take a look at the
dollar, oil, gold, silver and much more! They also talk about an end of
year trade plan review which is designed to help traders learn and
USD/CAD Technical Analysis: Digesting Losses Above 1.13 (based on dailyfx article)
The US Dollar
is digesting losses above the 1.13 figure against its Canadian namesake
having run into resistance below the 1.15 mark. Near-term support is at
1.1311, the 23.6% Fibonacci retracement, with a break below that on a
daily closing basis exposing the 1.1215-47 area (38.2% level, rising
trend line). Alternatively, a reversal above the 14.6% Fib expansion at
1.1395 clears the way for a test of the 23.6% threshold at 1.1454.
Video: Yen Crosses Surge and GBPUSD Ready for Volatility
Market-wide sentiment swings have settled, but that hasn't curbed FX
volatility. In the absence of a unified catalyst, we are finding
localized fundamental developments that are generating heavy trading
conditions. This past session, the Yen crosses were the most active
amongst the majors. A troubled economic outlook and doubt over the
effectiveness of stimulus measures has led to speculation/fear that an
election could be around the corner and/or a delay in the second sales
tax hike. This theme certainly isn't played out. Meanwhile, the most
potential-packed liquid currency moving forward is the Pound. A key
event release will tap a Sterling nerve with volatility and trend
high-probability outcomes. We look at what is driving the FX market in
today's Trading Video.
Trading the News: Bank of England (BoE) Inflation Report (based on dailyfx article)
MetaTrader Trading Platform Screenshots
GBPUSD, M5, 2014.11.12
MetaQuotes Software Corp., MetaTrader 5, Demo
GBPUSD M5: 91 pips price movement by GBP - BOE Inflation Report news event
GBP/CAD, USD/CAD Exchange Rates Bearish after BoE Inflation Report (based on futurecurrencyforecast article)
The Pound to Canadian Dollar (GBP/CAD) exchange rate has softened
after a mixed day for UK data. In addition, the US Dollar to Canadian
Dollar (USD/CAD) currency pair also recorded losses as the ‘Buck’ pauses
in its recent rally.