CADSGD dominated by bulls lifting the market higher throughout the day


Canadian Dollar/Singapore Dollar (CADSGD) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team

Highlights

CADSGD rises to highest close since November 1, 2018
CADSGD dominated by bulls lifting the market higher throughout the day
CADSGD closes higher for the 4th day in a row
CADSGD pushes through Thursday's high

Overview

Moving higher for the 4th day in a row, CADSGD finished the week 0.63% higher at 1.0507 after gaining 35 pips (0.33%) today on low volume. Today's close at 1.0507 marks the highest recorded closing price since November 1, 2018. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 1.0489, the FX pair confirmed its breakout through the previous session high after trading up to 27 pips above it intraday.

Daily Candlestick Chart (CADSGD as at Feb 14, 2020):

Daily technical analysis candlestick chart for Canadian Dollar/Singapore Dollar (CADSGD) as at Feb 14, 2020

Friday's trading range has been 48 pips (0.46%), that's slightly above the last trading month's daily average range of 42 pips. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for CADSGD.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Wednesday, CADSGD gained 0.07% on the following trading day.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "52 Week High" stand out. Its common bullish interpretation has been confirmed for CAD/SGD. Out of 20 times, CADSGD closed higher 70.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after six trading days, showing a win rate of 55.00% with an average market move of 0.14%.

With five out of the seven Major FX Pairs closing lower today, the ones that stand out on the negative side are USDCAD losing -0.12% and EURUSD closing -0.08% lower. On the flipside the best performers have been USDCHF closing 0.28% higher and GBPUSD gaining 0.02%. Looking at the other Minor FX Pairs and Crosses, the winners of the day have been USDSEK surging 0.51% and EURSEK closing 0.43% higher. The worst performers of the day have been EURHUF tanking -0.65% and USDHUF closing -0.58% lower. Read more


Market Conditions for CADSGD as at Feb 14, 2020

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