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Momentum Scorecard: Canadian Dollar Shorts Favored Against EUR, GBP

Momentum Scorecard: Canadian Dollar Shorts Favored Against EUR, GBP

Christopher Vecchio, CFA, Senior Strategist
Momentum_Scorecard_Canadian_Dollar_Shorts_Favored_Against_EUR_GBP_body_Picture_1.png, Momentum Scorecard: Canadian Dollar Shorts Favored Against EUR, GBP

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Momentum_Scorecard_Canadian_Dollar_Shorts_Favored_Against_EUR_GBP_body_EURCAD.jpg, Momentum Scorecard: Canadian Dollar Shorts Favored Against EUR, GBP

- EURCAD has a perfect momentum score of +4.00, indicating bullish full time frame continuity (all timeframes currently examined have a bullish 8-/21-/55-SMA structure).

- Price has posted a daily close above all three 8-, 21-, and 55-SMAs since May 21.

- Daily RSI hasn’t been under 58 since May 21, signaling a strong uptrend.

- The recent leg higher may be finished for a few days as daily Slow Stochastics (5,3,3) have compressed and are close to turning.

- 76.4% Fibonacci retracement at C$1.3849 (2011 high to 2012 low) upside target on dip buying; 8-SMA viewed as opportunity. No consecutive closes under 8-SMA since May 15 to 16.

*Trend definitions: “uptrend” is defined as 8-MA>21-MA>55-MA; “downtrend” is defined as 8-MA<21-MA<55-MA; a “trendless” market occurs when continuity is absent.

*Scoring methodology: there are seven time frames, ascending from m15 (15-minutes) to W1 (one-week). In ascending order, each pair is assigned a value from -7 to +7 based on the trend apparent on the specified time frame (I.E. a m15 uptrend equals +1, whereas a H1 downtrend equals -3). If neither an uptrend nor downtrend is present, the trendless timeframe receives a score of 0. These points are totaled and the average is reported on the right. The strongest uptrend would achieve a score of +4.00, while the strongest downtrend would achieve a score of -4.00.

--- Written by Christopher Vecchio, Currency Analyst

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.