Michael_Harding

Michael_Harding

The above chart illustrates price action with S&P500 on the daily timeframe and so I wanted to point out that we are testing the 50% mid range pivot from the previous most obvious support and resistance levels. I know some of you might have the perspective that we held above Resistance on Friday and so that's why I wanted to point out this current pivot we're up...

Michael_Harding

When it comes to trading, I like being prepared for all likely scenarios. Here I illustrated the most likely setups. Scenario A: We get some further upside then bounce off the 10k resistance Scenario B: We get upside, minor bounce off the 10K, then a break to the upside which then opens 11,000 long/buy side target Scenario C: After bouncing off the...

Michael_Harding

Technically overall this pair continues to trend within a range from 1.0780 - 1.0880 as illustrated in the chart above. Currently on the 1hr timeframe we are maintaining somewhat of an ascending channel. The 1.08 level has held quite nicely as support recently providing clues that the overall market turns more bullish when we reach the lows of 1.0780 - 1.0800....

Michael_Harding

Heading into next week we have several major Oil fundamental reports that could impact the Loonie including the Carryover into the June Future Contracts + Oil Inventories on Wednesday expected to show another negative figure. If we see a rebound in the oil market, that could add some strength to the CAD and thus push USDCAD down towards the targets as outlined in...