Commodity FX (CAD AUD NZD NOK)

The Usd/CAD pair is moving within a relatively narrow range since the last two weeks, while the highlighted bearish technical pattern remains with negative pressure offered by the 50 MA . The short term trend is to the downside as far as 1.065 remains intact with targets at 0.8900.

The same is applies to the usd/chf pair the short term trend is to the downside as far as 1.0350 remains intact with targets at 0.8500

usdcad long runs well could it be chartastrologers turn the chart upside down? anyway cl @9903

@Said Razz
I dont look at the fundamental reasons why Cad will gain against the USD . I just look at the chart and chart tells it is own story where it is heading.
Look at the weekly chart you will see there is not much support after 0.97.
Overall the USD/CAD Is bearish technically monthly, weekly, daily, 4 hour.

From a technical perspective the usdcad is in great danger of breaking into vertical development to the downside. Its been testing the lower regions of an important HVN (horizontal volume node) from the Dec 07 to July 08 coil. A break is likely to be dramatic as I have been alerting for last 3 weeks. As Rezz says, certainly can't rely on anything and the implications would be alarming for oil prices so let's hope the break down does not happen :-)

CAD looks like a dead fish, very little movement. It certainly resembles AUD/USD when it was peaking around 1.018 ish before the stops got run up to around 1.0260 and the crash afterwards. I smell the pros wanting the big dip in usd/cad for the amateurs to give up their hand again. Heard TD FX strategist talk on BNN today, he expects CAD to be in similar trading range as last year.

forextrader... i have to disagree on speculating 0.90 as a possibility for usdcad. If oil was at $200 maybe! In canada we have the luxury of having physical proximity to the US, so when CAD strengthens Canadians will slow down purchases in canada and buy from the US. It probably has a delayed effect on sales, which eventually lead to bad canadian retail numbers as chloe is also aware of. I guess my point is technicals are one thing, but you cant rely on it always. Remember you mentioning that you think AUDUSD wont see parity again for a long long time when AUDUSD was at 1.0150 ish. The last week proved otherwise for aussie.