Daily Analysis | USDCAD | 16 of February

Posted 16 February, 2017


         USD/CAD Failed Bullish SHS Pattern for Bearish Rejection

The USD/CAD formed a bullish SHS pattern (inverted head and shoulders) but it failed to provide a continuation to the upside. The pair is in downtrend and we might see an upside retracement towards POC 1.3080-95 (EMA89, H3, ATR top,38.2,order block). Rejection in the zone should target 1.3050 and 1.3020. Should we see a break below 1.3020, the ATR target might be respected too (1.3009) with a possible extension (overshot) to 1.2992. The bearish scenario will be invalidated at the break of 1.3120 where we might see 1.3140 and 1.3170 in form of short position covering.


By Nenad Kerkez | Admiral Markets


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Previous forecast

17 February, 2017 11:55

← Fundamental Analysis | EURUSD / GBPUSD | 17 of February

This week was very busy in terms of political, economic, and environmental factors, but before the weekend the situation began to stabilize. The threat of flooding settlements in California, under the Oroville dam declined. Despite the fact that the evacuated citizens are returning to homes, the authorities remain the high alert for a new evacuation mode.

Fundamental Analysis | EURUSD / GBPUSD | 17 of February

Next forecast

15 February, 2017 12:41

Fundamental Analysis | EURUSD / GBPUSD | 15 of February →

Yesterday's data from the UK and the Eurozone were terrible. Against this background, the US dollar has continued its strengthen, and the counter-dollar currencies did not show the expected correction. UK Core CPI remained unchanged, the rising by 1.6% in January.

Fundamental Analysis | EURUSD / GBPUSD | 15 of February
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