Although the numbers were lower than expected for the housing markets
and the Canadian retail sales during the past week, it appears that the Canadian
dollar remains strong after breaking 0.9900 and retreat towards the monthly S1
level at 0.9941. May still a
larger decline is possible, where the Canadian dollar bounced back to 23.6%,
but did not express the level of 5 & 13 EMA on the daily schedule, which
shows the sequence dips.
We have pair when Weekly axis when .99036, but closed lower level of EMA on the daily schedule also exist below the moving average daily 62 which suggests to the downward momentum. Potential targets will be the bottom levels of recent weeks when .98416, and S2 at 0.9797 and weekly WS3 at 0.9753.
Bullish momentum must return, and main levels of penetration will be R1 Monthly 0.9941 and 0.9965 before testing the 62 EMA daily at 1.00295. We note that we will be announced on U.S. consumer confidence figures later in the day at 10:00 EST, where it is possible to give a small boost to the U.S. dollar, the Canadian dollar has lost some of its gains. Still bearish on the Canadian dollar.
We have pair when Weekly axis when .99036, but closed lower level of EMA on the daily schedule also exist below the moving average daily 62 which suggests to the downward momentum. Potential targets will be the bottom levels of recent weeks when .98416, and S2 at 0.9797 and weekly WS3 at 0.9753.
Bullish momentum must return, and main levels of penetration will be R1 Monthly 0.9941 and 0.9965 before testing the 62 EMA daily at 1.00295. We note that we will be announced on U.S. consumer confidence figures later in the day at 10:00 EST, where it is possible to give a small boost to the U.S. dollar, the Canadian dollar has lost some of its gains. Still bearish on the Canadian dollar.
