The 10-Year Weekly chart below of the USD/CAD Forex pair shows a bearish "hanging man" formation on this week's candle...signalling a potential weakening of the U.S. dollar against the Canadian dollar. Price hit the confluence of a major triple-top resistance level, 50% Fibonacci retracement level, upper Bollinger Band, and upper Channel last week.
A break and hold above 1.1277 could see price spike up to 1.1665 (which is the next Fibonacci resistance level), particularly if Canada's TSX continues its plunge, after closing today (Friday) at 14,227.36. Otherwise, there is some support around the 1.10 level should the Canadian dollar strengthen against the American dollar.
The following Daily chart of the TSX shows that price has closed at a major support level. A drop and hold below this level could see price continue down to around 14,000, or even 13,500 before it consolidates or bounces. The RSI, MACD and Stochastics indicators are all very oversold, but none have confirmed a turnaround in price yet.
Watch for any co-relation in price action in the coming days/weeks between the USD/CAD and the TSX for possible clues in direction on both.
Welcome and thank you for visiting!
The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
* My posts are also re-published by several other websites and I have no control as to when their editors do so, or for the accuracy in their editing and reproduction of my content.
* In answer to this often-asked question, please be advised that I do not post articles from other writers on my site.
* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.
DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...please read my full Disclaimer at this link.
* If the dots don't connect, gather more dots until they do...or, just follow the $$$...
UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Wed. March 6 @ 2:00 pm ET - Beige Book Report
* Fri. March 8 @ 8:30 am ET - Employment Data
* Wed. March 20 @ 2:00 pm ET - FOMC Rate Announcement + Forecasts and @ 2:30 pm ET - Fed Chair Press Conference
* Wed. April 10 @ 2:00 pm ET - FOMC Meeting Minutes
*** CLICK HERE for link to Economic Calendars for all upcoming events.