Dollars to Recover for the Week Ahead against the Loonie: Market Forecasts for May 4th – May 8th

Weekly Technical Outlook: USD/CAD

  • Stop loss 1.1937
  • Entry level 1.2084
  • First Target at 1.2272

Next targets to test at 1.2380, 1.2446

 

Dollars to Recover for the Week Ahead against the Loonie: Market Forecasts for May 4th – May 8th
Dollars to Recover for the Week Ahead against the Loonie: Market Forecasts for May 4th – May 8th

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Technical Analysis

USD/CAD remains bullish after the consolidation above 1.1937 temporary low. The pair has recovered from 1.1937 as support turned resistance with the pin bar followed by bullish movement signaling a shift in movement. The reversal is in place with last week closing above the fib levels of 23.6, the pair should be able to make through the next area around fib 50 level and price at around 1.2387. And if price closes past the fib 50 levels, the pair should see at levels around 1.2446 of fib 61.8 levels.

Economic

  • ISM NY business conditions
  • Factory orders
  • Import, export
  • PMI service along with ISM non-manufacturing data
  • ADP employment change with non-farm PR for the US
  • Housing starts for the Canada
  • Ivey purchasing index
  • Building permit with new housing price index
  • Unemployment change with net change in employment
  • The move above the pin bar suggests that price has shifted its movement.
  • We look to enter at around 1.2084 from its current levels as the last candle suggests that there shall be a small pullback.
  • Key area price closed above the Fib levels at 23.6 at the end of the week.
  • Shall target fib levels of 50 and to the next levels at 61.8.

 

Area of Interest

  • The move above the pin bar suggests that price has shifted its movement.
  • We look to enter at around 1.2084 from its current levels as the last candle suggests that there shall be a small pullback.
  • Key area price closed above the Fib levels at 23.6 at the end of the week.
  • Shall target fib levels of 50 and to the next levels at 61.8.

 

For more detailed analysis from the author, please visit http://www.noafx.com/

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