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USDCAD moved higher in the Asian session but after taking out recent highs rotated lower

The USDCAD moved higher in the Asian session and extended above the highs over the last few weeks between 1.3945 and 1.3958. The high price extended to 1.39664 but fell short of the 2022 high which came in at 1.3977.

The inability to move higher turn the buyers to sellers, and the price has rotated back down toward the close from yesterday's trade where buyers have stalled the fall.

On the downside, the next major target comes against the rising 100 and 200 hour moving averages between 1.3908 and 1.3911. It would take a move below that area to increase the bearish bias with the 100 bar moving average on a four hour chart the next downside target at 1.38868.

On the top side, getting back above 1.3945 and 1.3958 would have traders looking again toward the 2022 high at 1.3977. Get above that level opens the door for further upside potential.

----------------------------------------------

USDCAD Summary

The USDCAD rose in the Asian session, approaching 2022 highs.

Key Points:

  1. Broke above recent highs (1.3945-1.3958).

  2. Reached 1.39664, shy of 2022 high (1.3977).

  3. Buyers turned sellers, and the price fell.

Outlook:

Bullish Scenario

Move above 1.3945, 1.3958, and 1.3977 confirms further upside.

Bearish Scenario

Break below 1.3908-1.3911 (100/200-hour MA) and 1.38868 (100-bar MA) increases bearish bias.

Levels to Watch:

  • Resistance: 1.3945, 1.3958, 1.3977

  • Support: 1.3908, 1.3911, 1.38868

This article was written by Greg Michalowski at www.forexlive.com.




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Forexlive Americas FX news wrap 12 Nov: Bitcoin hits $90K. Stocks fall. USD moves higher.

Markets:

  • Bitcoin trades to $90,000 for the first time, two days after passing $80,000. The high reached $90,243
  • WTI crude trades down $0.07 at $67.97
  • 2 year yield 4.338%, up 8.4 basis points. 10 year yield 4.421%, +11.4 basis points.
  • Gold down -$20.78 or -0.79% at $2598.58. Lowest level since September 20
  • S&P 500 -17.36 points or -0.29% at 5983.99.
  • Nasdaq index down -17.36 points or -0.09% at 19,281.40. Both the Nasdaq and the S&P closed by the exact same point amount....
  • Russell 2000 tumbled -43.13 points or -1.77% at 2391.84

In the US the NY Fed Survey showed inflation expectations moving lower with the one year inflation at 2.9% vs 3.0% estimate. That is the lowest in 4 years. The 3 and five years measures also declined with the 3 year down to 2.5% from 2.7%, and the 5 year down to 2.8% from 2.9%.

In Canada building permits soared by 11.5% after -6.3% decline last month. Overall permits were the second-highest level since the start of the new series in January 2017 but it's more of a one-off around government spending than anything related to the economy. Ontario's institutional component received big contributions from construction for long-term care facilities across the province and a hospital permit in Prince Edward County. Residential building is holding up on the multi-family side as the pipeline of condos continues to work its way through but single-family has flatlined.

The US bond market was open after Monday's Veteran's Day holiday and selling was the order of the day as traders price in the inflationary and growth implications of a GOP sweep (and perhaps increased deficits too). The 10-year yield rose close to 12 basis points. The 2 year is up close to 9 basis points.

The USD moved higher with the greenback moving the most vs the GBP (0.95%).. The GBPUSD moved to the lowest level since August 8 and traded below the 61.8% retracement of the move up from the April low. That level comes in at 1.27322. The current price is trading just above that level into the close for the day.

The EURUSD is rallying modestly into the close but still saw the dollar higher by 0.26% versus the EUR. The pair moved below the 1.0601 level which took to price to a new low for 2024. The low could only get to 1.0594 before bouncing higher into the close. The sellers in the EURUSD had their shot. They missed.

The USDJPY is closing higher by 0.61% and into a swing area between 154.54 and 155.21. The high price reached 154.92 extending above the high price from last week at 154.70. The price is trading at 154.62 into the close. Buyers are in control. Can they extend to the high target at 155.21.

The USDCAD traded to the highest level going back to October 2022 when the price extended to 1.3977. The high price today reached 1.3966 just 11 pips short of that high. The price is trading at 1.3949 going into the end of the trading day.

Gold continues its move to the downside after reaching record levels at the end of October at $2790.07. The price has since fallen -6.89% to $2597.88.

Bitcoin's sprint to the topside continued today with the price reaching above $90,000 for the first time ever and just 2-days after breaking above the $80,000 level. The high price reached $90,243. The price has come off that lofty level and trades at $88,092.

This article was written by Greg Michalowski at www.forexlive.com.




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MOVE OVER LAW DAY – May 16, 2019

NHTSA Region 3 and Law enforcement Agencies Kick Off CLICK IT OR TICKET and MOVE OVER LAW DAY Campaign also reminds drivers of mandatory “Move Over Laws” to protect law enforcement doing their jobs roadside FOR IMMEDIATE RELEASE MEDIA CONTACT:  Cynthia Cavett, Delaware Office of Highway Safety (302) 744-2743 DOVER, DE (May 16, 2019) — As the […]




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Program Update: The Move to Java!

In this short episode Jim Grisanzio talks about his move to the Java Advocacy Team in Oracle's Java Platform Group and the coming changes in the podcast. A new name will be announced soon, and we'll be focusing on profiles of Java developers globally. The format will remain the same in terms of casual conversations one on one or in small groups.

Communities are about people. So, that's what we'll be talking about here with Java developers. Who's doing really cool work? Who's solving the toughest problems? Who's creating new opportunities? Who's new? Who's been around forever? Everyone has something to contribute. It'll be great fun. 

We've already engaged with the Java community in many previous episodes over the years, so we're looking forward to even more Java from here on in! 

Welcome to the team from Sharat Chander.

Java Development & Community

OpenJDK https://openjdk.java.net/
Inside Java https://inside.java/
Dev.Java https://dev.java/
@java Twitter https://twitter.com/java

Duke's Corner Podcast

Jim Grisanzio, Host, Java Developer Relations
@jimgris on Twitter https://twitter.com/jimgris




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OSCE helps improve safety of movement for people and goods in conflict-affected areas of eastern Ukraine

SLOVIANSK, Ukraine, 7 April 2016 – The OSCE Project Co-ordinator in Ukraine, at a ceremony in Sloviansk, Donetsk region today, presented representatives of the Infrastructure Ministry’s State Special Transport Service with 15 sets of protective equipment, including vests and helmets, which are to be delivered to local deminers working along transport routes in the east of the country.

The State Special Transport Service is responsible for ensuring the safety of the transport network and for restoring railways and bridges destroyed by hostilities. This often involves clearing mines and unexploded ordnance that threaten civilian transportation routes. 

“Safety of communications is extremely important in the context of sustainable post-conflict recovery, future peace and security in the region,” said Vaidotas Verba, the OSCE Project Co-ordinator in Ukraine. “I hope that with our help the Service will be in better position to swiftly and efficiently ensure safer conditions for the movement of people and goods in the conflict-affected areas.”

Since July 2014 the Service has cleared over 300 kilometres of railways in government-controlled areas of Donbas and disposed of more than 4,500 unexploded ordnance, mines and booby traps. This is among the more than 100,000 such dangerous items discovered and destroyed by all organizations working in the region, which are involved in dealing with these remnants of conflict.

To help Ukraine address this new challenge, the OSCE Project Co-ordinator is also training the country's humanitarian deminers on international mine action standards, helping to introduce a modern information management system to improve operations and the inter-agency co-ordination of efforts, and assisting in developing relevant legislation and standards.

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[Excerpt from the summary released by the Senate Armed Services Committee of the version of the NDAA for FY 2025 approved by the SASC and to be voted on by the full Senate.]

A proposal to expand registration for a possible military draft to young women as well as young men is moving forward again this year in Congress, along with a seductively simple-seeming but in practice unfeasible proposal to switch from the current system in which young men are required to register with the Selective Service System (SSS) to a system in which the SSS tries to identify and locate everyone eligible for a future draft and automatically register them based on other existing Federal databases from the Social Security Administration, IRS, U.S. Citizenship and Immigration Services, etc.

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