|Chart Formation||N/A||N/A||N/A||W Formation|
|Market Comments||The long term market direction for USD-CAD is strongly bullish. This is supported by the MACD and Stochastic both pointing upwards direction. The reverse head and shoulder formation (W) in the monthly time frame as well as the strong sentiments of american economy booms are all the ingredients for strong bullish for this pair. On the other hands Canadian economy is somewhat stagnant or gradually slowing down. This can be viewed by the weakness of Canadian dollars not only against the USD but also EURO and Britain Pounds.
The chart below is showing the W (reverse head and shoulder) formation with ideal target at 1.27903. Meaning that the continuation of bullish for the entire month of February is imminent. It could be spiking all the way we will wait and see.
Significant Economic Factors That will Affect USD-CAD in February 2014. The first and third weeks might be a strong turbulence as there are more economic factors to stir the market movement.
Week 1: Significant turbulence in the market movement
Week 3: Significant turbulence in market movement
Saturday, February 1, 2014
USD-CAD Technical Analysis (01 Feb 2014)
MACD Settings:- First EMA = 12 | Second EMA = 26 | Signal EMA = 9
Stochastic Settings:- Period = 5 | Average Period Fast = 7 | Average Period Full =7
Bollinger Bands Settings:- Average = 20 | Standard Deviation = 2
Date: 01 February 2014
Time: 6:30 AM (+8 GMT)