USD/CAD Channel Presents Scalping Opportunity

The Canadian dollar continues to find support on strong domestic fundamentals and an increase in broader optimism. The USD/CAD has closed lower for eight straight days and is looking to end that streak today. However, we have seen daily volatility condense which has created an ideal scalping opportunity. The pair continues to trade along a descending support trend line which is limiting downside risks and providing a target level for traders.

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USD/CAD Channel Presents Scalping Opportunity

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The Canadian dollar continues to find support on strong domestic fundamentals and an increase in broader optimism. The USD/CAD has closed lower for eight straight days and is looking to end that streak today. However, we have seen daily volatility condense which has created an ideal scalping opportunity. The pair continues to trade along a descending support trend line which is limiting downside risks and providing a target level for traders.

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USD/CAD Channel Presents Scalping Opportunity

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Japanese Yen Benefits From Risk Aversion, British Pound Extends Decline

The Japanese Yen strengthened across the board as investors scaled back their appetite for risk, while the British Pound extended the decline from earlier this week and slipped to a low of 1.4937 as Fitch Ratings held a cautious outlook for the U.K.

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Japanese Yen Benefits From Risk Aversion, British Pound Extends Decline

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The Japanese Yen strengthened across the board as investors scaled back their appetite for risk, while the British Pound extended the decline from earlier this week and slipped to a low of 1.4937 as Fitch Ratings held a cautious outlook for the U.K.

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Japanese Yen Benefits From Risk Aversion, British Pound Extends Decline

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Pound Declines on Soft Retail Sales, House Prices Data and Bank Downgrade Scare

The British Pound declined against the spectrum of major currencies in overnight trade after a disappointing set of house price and retail sales figures as well as rumors that Moody’s may downgrade the bonds of several UK banks.

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Pound Declines on Soft Retail Sales, House Prices Data and Bank Downgrade Scare

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The British Pound declined against the spectrum of major currencies in overnight trade after a disappointing set of house price and retail sales figures as well as rumors that Moody’s may downgrade the bonds of several UK banks.

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Pound Declines on Soft Retail Sales, House Prices Data and Bank Downgrade Scare

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British Pound Testing Potentially Strong Resistance 03-08

The GBPUSD has met resistance from former support / the 38.2% of the decline from 15825, at 15181. Channel resistance reinforces the current level.

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British Pound Testing Potentially Strong Resistance 03-08

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The GBPUSD has met resistance from former support / the 38.2% of the decline from 15825, at 15181. Channel resistance reinforces the current level.

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British Pound Testing Potentially Strong Resistance 03-08

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USD/CAD Channel Convergence Creates Range Opportunity

Canadian dollar support was already strong following the better than expected GDP report and speculation that the BoC would look to raise rates in the second half of the year. Policy makers are committed to remain on hold until June but have seen their flexibility diminish as inflation has begun to rise.

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USD/CAD Channel Convergence Creates Range Opportunity

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Canadian dollar support was already strong following the better than expected GDP report and speculation that the BoC would look to raise rates in the second half of the year. Policy makers are committed to remain on hold until June but have seen their flexibility diminish as inflation has begun to rise.

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USD/CAD Channel Convergence Creates Range Opportunity

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USD/JPY Could Present Scalping Opportunity Ahead Of Non-Farm Payrolls

The USD/JPY broke out today as yen crosses have come under pressure as risk assets fund support on the back of a Greek plan to cut its deficit and an improvement in US initial jobless claims. A dour U.S. pending home sales report has slowed the advance and may be the beginning of a period of consolidation. The upcoming Non-Farm payroll report is major event risk which could lead to a quieting of the pair’s price action, as it has been the most sensitive to U.S. fundamental data.    

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USD/JPY Could Present Scalping Opportunity Ahead Of Non-Farm Payrolls

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The USD/JPY broke out today as yen crosses have come under pressure as risk assets fund support on the back of a Greek plan to cut its deficit and an improvement in US initial jobless claims. A dour U.S. pending home sales report has slowed the advance and may be the beginning of a period of consolidation. The upcoming Non-Farm payroll report is major event risk which could lead to a quieting of the pair’s price action, as it has been the most sensitive to U.S. fundamental data.    

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Canadian Dollar Strong; but Still above January Low

 The USDCAD has broken below 10365, which negates the bullish bias (at least for now).  A bullish outcome is possible with price above the January low but confidence is low.  

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Canadian Dollar Strong; but Still above January Low

From DailyFX:

 The USDCAD has broken below 10365, which negates the bullish bias (at least for now).  A bullish outcome is possible with price above the January low but confidence is low.  

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Canadian Dollar Strong; but Still above January Low

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Canadian Dollar Pares Overnight Decline, British Pound Slips to Fresh Yearly Low

The Canadian dollar pared the overnight decline and is currently the best performing currency against the greenback on Monday, while the British Pound slipped to a fresh yearly low of 1.4784 as the economic docket reinforced a weakened outlook for the U.K.

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Canadian Dollar Pares Overnight Decline, British Pound Slips to Fresh Yearly Low

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The Canadian dollar pared the overnight decline and is currently the best performing currency against the greenback on Monday, while the British Pound slipped to a fresh yearly low of 1.4784 as the economic docket reinforced a weakened outlook for the U.K.

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GBP/USD Test of Support Creates Scalping Target

The pound tumbled overnight as a larger than expected drop in U.K. mortgage approvals fueled speculation that the BoE will add to their asset purchase program at their Thursday policy meeting. The sharp bearish move temporarily pushed the GBP/USD below major support before it regained its footing. The pair’s recent volatility makes it a risky target but with a BoE rate decision ahead, we could see traders start to sit on the sidelines as they wait for the MPC to establish the direction of monetary policy.

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GBP/USD Test of Support Creates Scalping Target

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The pound tumbled overnight as a larger than expected drop in U.K. mortgage approvals fueled speculation that the BoE will add to their asset purchase program at their Thursday policy meeting. The sharp bearish move temporarily pushed the GBP/USD below major support before it regained its footing. The pair’s recent volatility makes it a risky target but with a BoE rate decision ahead, we could see traders start to sit on the sidelines as they wait for the MPC to establish the direction of monetary policy.

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GBP/USD Test of Support Creates Scalping Target

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Japanese Yen Continues to Outperform, Australian Dollar Hits Fresh Weekly Low

The Japanese Yen rallied across the board as investors scaled back their appetite for risk, while the Australian dollar pared the previous day’s advance and slipped to a fresh weekly low of 0.8808.

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Japanese Yen Continues to Outperform, Australian Dollar Hits Fresh Weekly Low

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The Japanese Yen rallied across the board as investors scaled back their appetite for risk, while the Australian dollar pared the previous day’s advance and slipped to a fresh weekly low of 0.8808.

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Japanese Yen Continues to Outperform, Australian Dollar Hits Fresh Weekly Low

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