| In the USDCAD the price moved above the Red Box this week, but it could not run above the April 2024 high. |
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USDCAD falls to a new low for week & tests 200 bar MA on 4-hour chart/38.2% retracement
2024-06-20
The two technical levels come in at 1.3687
USDCAD trades higher and lower and is moving toward MA targets on 4-hour chart
2024-06-18
The 100 and 200 bar MAs on the 4-hour chart in the USDCAD is down at 1.3683 to 1.3699
NZDUSD continues the fall from last week’s failure at the high going back to January
2024-06-17
The rotation lower is approaching technical support near 0.6100
Why the Canadian dollar is in for a rough ride
2024-06-13
It’s clear from Bank of Canada Governor Tiff Macklem’s latest speech that he wants to ease rates further but he’s still reluctant to signal it. That’s left us with the clunky line:
“With further and more sustained evidence that underlying inflation is easing, monetary policy no longer needs to be as restrictive as it has been.”
That’s an exact repeat of the line in the press conference last week where he also added that it was reasonable to expect further cuts, but only if inflation continues to ease.
I take it as a flimsy commitment to continue to ease by a central bank that’s worried about getting burned. If not for the mistakes of the post-covid cycle, the Bank of Canada would have lowered rates much further by now but generals always fight the last war so being late was
EURUSD moves to a new high and extends to the next swing area. What next technically?
2024-06-12
A swing area between 1.08538 and 1.08617 looms above. There may be some profit-taking against the area on the first look
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