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scalping report
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- Feb, 09 Solid S/R Levels Makes USD/CAD Scalping Target
- Feb, 08 NZD/USD Approach Of Solid Support Offers Scalping Opportunity
- Feb, 05 A Channel Bound AUD/NZD presents Scalping Opportunity
- Feb, 04 A Range Pound EUR/GBP presents Scalping Opportunity
- Feb, 03 EUR/USD Presents Scalping Opportunity Ahead Of ECB Decision
- Feb, 02 GBP/USD Presents Scalping Opportunity Ahead Of BoE Decision
- Feb, 01 AUD/USD Presents Scalping Opportunity Ahead Of RBA Decision
- Jan, 29 A Range Bound NZD/USD Provides Scalping Opportunity
- Jan, 28 AUD/USD Becoming Scalping Target As Range Develops.
- Jan, 27 EUR/USD Ideal Scalping Target Ahead of Major Event Risk
- Jan, 26 USD/JPY Becomes Scalping Target Ahead of FOMC Meeting
- Jan, 25 A Range Bound USD/CHF Offers Scalping Opportunity
- Feb, 09
- Jan, 21 USD/CAD Offers Scalping Opportunity as Resistance Creates Short-term Range
- Jan, 20 A Range-Bound USD/JPY Creates Ideal Scalping Environment
- Jan, 19 USD/CAD Becomes Scalping Target With Solid S/R Levels
- Jan, 15 USD/JPY Becomes Scalping Target With Solid S/R Levels
- Jan, 14 NZD/USD Consolidation Creates Ideal Scalping Environment
- Jan, 13 EUR/USD Is Ideal Scalping Target Ahead Of ECB Decision
- Jan, 12 GBP/USD May Become Scalping Target If Wedge Formation Develops
The USD/CAD has started to consolidate following earlier strength despite Canadian retail sales doubling expectations. Consumption in August rose 0.8% as demand for automobiles and building supplies led the way.
The USD/CAD has started to consolidate following earlier strength despite Canadian retail sales doubling expectations. Consumption in August rose 0.8% as demand for automobiles and building supplies led the way. Technical resistance above has capped gains while waning risk appetite is providing support, creating an ideal scalping environment.
Key Technical Levels
The USD/CAD advance was slowed by the 20-Day SMA at 1.0556 which could foster a period of consolidation. The pair has been prone to become range bound around the moving average which is a pattern of price action that is ideal for executing scalping strategies. Traders should be cautious if a break above the technical level as it could lead to a bullish rally back to former congestion at 1.0800.
Quantitative Metrics
A rising ATR and a wide Bollinger band are red flags for scalpers and a product of the recent volatility the pair has been experiencing. The pair also has an implied volatility of 15.1825 which is another warning sign and will most likely mean that the pair will lose its attractiveness beyond today’s session.
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To discuss this report or be added to the email list, contact John Rivera, Currency Analyst: jrivera@fxcm.com
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