Canadian dollar rallied after strong retail sales data released
Data from yesterday morning showed that Canadian retail sales rose for the fourth consecutive month in June spiking interest in the currency against its major pairs.

CADCHF Daily Chart

Market: Bullish Price: Neutral (Ranging closely to Fair market value, 200EMA) Price came off of Monthly M2 heading towards its target (for bulls) of Monthly R1. Bears however will see an opportunity to sell at resistance level Monthly M3.

Source: MT4

CADCHF H1 Chart

Market: Ranging heading towards Bullish Price at the moment is looking neutral to oversold, which gives me reason to believe there will be more interest in this pair. Price is heading towards Daily pivot point, with a resistance target of Daily R2 for bulls. Bears however would try and break resistance at Daily Pivot Point, (as price didn't manage to make a previous higher high) with a target of Daily Support 1. I am personally bullish on this currency pair with new data that was released, even though the chart is not looking as bullish as I would like.

Source: MT4

One thought on “CADCHF Technical Analysis (23 August 2017)”

  1. Charles Bidner says:

    Thank you Beverly for the post. I actually have a buy order in below yours, just above the DM2, I see now you order would have been triggered, mine not looking promising unless price drops to H1 55ma. We shall see. Good hunting!

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