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Technical & Fundamental Analysis USDCAD initially tried to rally, but 1.29 level proved to be resistive. Several attempts to sustain above 1.29 failed and the pair slided down later during the week. On Friday, the disappointing NFP report from USA and the improvement in the employment figures from Canada only helped the pair to drop further. Trading preference Due to the above factors, I prefer to sell this pair in the coming week. It seems like the pair will be drawn towards the up trendline shown in the above chart.

Technical and Fundamental factors EURUSD has been falling after the head & shoulder pattern formed two weeks ago. Last week, even a disappointing NFP report from USA did not help this pair rally, but rather it looks set to fall much further, to fulfill the anticipated move of the head & shoulder. A dovish Draghi also helps this move. Trading preference The idea is to sell the pair when it breaks below the close of the last week’s candle. The target could be around 1.30 level. But a bounce up…

Even though The Cable tried to rally initially during the course of last week in anticipation of the interest rate hike, the actual hike sent the pair lower. This was due to the fact that BoE is dovish even though interest rate was increased. Now the pair is testing the up trend line we have been following for quite some time. If the pair breaks below the trendline, it could send send the pair much lower, especially if it can also break 1.30 level. Trading preference Wait for the break…

During the course of last week GBPUSD rallied due to GDP figures beating the expectation. However, the move to 1.3250 was met with resistance which in turn led the pair to fall towards the uptrendline that we have been following for quite some time now. The trend line could offer support for this pair. However, if the pair falls, breaking through the trend line, it could go down towards 1.30 level. If the trend line does offer support, the pair could again move up towards the resistance again. Trading preference…

US Dollar went up rather significantly against Canadian Dollar last week, slicing through 38.2 Fibonacci level. However, the pair pulled back after reaching the resistance around 50.0 Fibonacci level. When we look at the daily chart, the same movement can be visualized as a shooting star by the close of Friday. Trading preference Next week the pair could initially fall towards 38.2 Fibo level around 1.2720 and around there if a supportive candle on daily chart or a bullish candle on the H4 chart could be a good opportunity to…

EURUSD went up as the week started but then it broke down significantly. We can notice that the break to the downside came after a ‘head & shoulder’ pattern formation on the  daily chart. Based on the move after the head & shoulder, the pair could drop further to the 1330 region, especially if Fibonacci 38.2 level is broken on its way. However, when we look at the weekly chart, this downward movement can be considered as a retrachment after such a parabolic upward move for most part of the…

Fundamental Analysis USDCAD rallied significantly on Friday due to the disappointing retail sales report from Canada. We can see that the Canadian Dollar has given up all it gained when Bank of Canada delivered as surprise interest rate hike in September. Technical Analysis The pair is currently at a resistance zone. A break above this zone will send the pair much higher. In fact it looks very much likely that it is going to happen. Bank of Canada is not so hawkish. Feds are Hawkish. This, coupled with the balance…