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Loonie 1-2-3?

Posted on June 9, 2009 at 20:16 in Daily Trading by Ryan O'Keefe

Howdy folks!

I’m back on the trading desk following a long weekend, I hope you are all doing wonderful! Tonight I’m pondering whether or not the Loonie rally has seen it’s days, at least for the short term. Looking at multiple time frames the pair bounced firmly off support at $1.080 and appears it might be building in a 1-2-3 reversal pattern on the daily chart. The fundamental calendar is heavy for USD starting tomorrow with the Trade Balance, then retail sales and unemployment claims following on Thursday. The Canadian calendar will also see trade data tomorrow but the fundamental opportunities to beat up on another pair seem stacked in the favor of the Dollar for the next couple of days. Assuming of course the sentiment ends up pro Dollar. Tomorrow will also see crude oil inventory data. The pair has also broken the down trend a bit by moving off the lower Bollinger band a bit. There is certainly demand around $1.080 as the rally on 6/3 illustrated but the question is will this pair move higher from it’s current market or test the low again?

On the upside, I’d see selling pressure resume around $1.150 on the weekly chart but there may be some opportunity here for you counter trend types out there.

Here are today’s charts…

USD/CAD Weekly

USD/CAD Daily

USD/CAD Four Hour

Best of luck…more tomorrow.

Ryan

IMPORTANT NOTICE: These comments are for information purposes only. My opinions or other information contained in this post do not constitute investment advice. It should not be understood as a direct recommendation to buy or sell any currency contract or other investment vehicle. Forex trading involves substantial risk of loss and is not suitable for all investors.

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