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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
- Jan, 22 EUR/USD Consolidation Offers Scalping Opportunity
- 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
After seeing a sharp bearish move to start the week the USD/CAD has started to see momentum slowed after finding support. Risk appetite generated anti-dollar sentiment driving the pair lower. However, with the level of uncertainty surrounding the scope of a global recovery, the “loonie” may be hard pressed to make further gains.
Key Technical Levels
The 20-Day SMA at 1.0552 has slowed the bearish momentum of the USD/CAD and could form a solid support level. We have seen the pair begin to trade sideways after failing to reach below the technical level creating an opportunity to use scalping strategies.
Quantitative Metrics
USD/CAD has seen its ATR remain near 150 pips with it currently at 159. Therefore with today’s volatility exceeding the daily range with a bearish move of nearly 200 pips, we could see the pair start to consolidate creating an opportunity to scalp profits. A wide Bollinger band and implied volatility of 14.305 are red flags that shouldn’t be ignored.
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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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