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- Mar, 09 NZD/USD Channel Presents Scalping Opportunity
- Mar, 08 EUR/JPY Consolidation Presents Scalping Opportunity
- Mar, 04 USD/JPY Could Present Scalping Opportunity Ahead Of Non-Farm Payrolls
- Mar, 03 A Channel Bound AUD/USD Creates Scalping Opportunity
- Mar, 02 EUR/USD Becomes Scalping Target Ahead of ECB Decision
- Mar, 01 GBP/USD Test of Support Creates Scalping Target
- Feb, 26 A Developing Wedge Makes AUD/USD A Scalping Target
- Feb, 25 USD/JPY’s Test Of Major Support Could Present Scalping Opportunity
- Feb, 24 GBP/USD Consolidation Presents Scalping Opportunity
- Feb, 23 EUR/USD Present Scalping Opportunity Post German IFO Volatility
- Feb, 22 A Consolidating EUR/JPY Provides Scalping Opportunity
- Feb, 12 GBP/JPY’s Rising Trend Channel Is Ideal Scalping Environment
- Feb, 11 AUD/USD’s Test of Resistance Presents Scalping Opportunity
- Feb, 10 EUR/JPY’s Test of Support Presents Scalping Opportunity
- 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
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.
Key Technical Levels
A bullish surge following a smaller than expected build in U.S. Oil inventories, failed to lead the pair to a break below the lower bound of the current short-term channel. The pair appears headed for a test of 1.0205 the 2009 low set on 10/15/09 and continues consolidation may be expected upon approaching the significant technical level.
Quantitative Metrics
The USDCAD”s ATR of 99 pips is one of the lowest of the most traded pairs making the pair a scalping target. The daily range is only accounting for 0.99%of the spot price increasing the profit potential for a high frequency strategy. A Bollinger band width of 453 pips is at the upper range of the pair’s listed below, but its consistent nature gives confidence that the current trend will continue and a breakout may be in the distance.
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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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