SGDCAD slips to lowest close since November 1, 2018


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

Highlights

SGDCAD falls to lowest close since November 1, 2018
SGDCAD dominated by bears dragging the market lower throughout the day
SGDCAD closes lower for the 4th day in a row
SGDCAD breaks below Thursday's low

Overview

Moving lower for the 4th day in a row, SGDCAD finished the week -0.64% lower at 0.9517 after losing 32 pips (-0.34%) today on low volume. Today's close at 0.9517 marks the lowest recorded closing price since November 1, 2018. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 0.9534, the currency confirmed its breakout through the previous session low after trading up to 25 pips below it intraday.

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

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

Friday's trading range has been 44 pips (0.46%), that's slightly above the last trading month's daily average range of 39 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 notably higher than usual for SGDCAD.

One bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on Wednesday, SGDCAD lost -0.07% on the following trading day.

The trend is clearly bearish, showing an intact downtrend 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 Low" stand out. Its common bearish interpretation has been confirmed for SGD/CAD. Out of 20 times, SGDCAD closed lower 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 short side has been after six trading days, showing a win rate of 55.00% with an average market move of -0.13%.


Market Conditions for SGDCAD as at Feb 14, 2020

Loading Market Conditions for SGDCAD (Singapore Dollar/Canadian Dollar)...
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SGDCAD pushes through Friday's high

Feb 24, 2020
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