A-B Point that is less than 0.618 retracement, Preferably a 0.50 or 0.382 of XA leg defines the Bullish BAT Pattern The bullish 0.886 retracement is critical in the setup. Typically, bulllish BAt pattern are excellent 5-point corrective structures found in well established support level
very powerful too
I forgot to mention this pattern is very very powerful
A Perfect BAT should finish @ the 161.8%
but we have well exstablish support Zone and price have stopped at the 113.0% very powerful too
I forgot to mention this pattern is very very powerful
For a second month in a row, Canadian consumers cut back on spending as headline retail sales for January slid 0.3% to a seasonally adjusted C$37.1 billion.
ReplyDeleteThat follows a decline of 0.2% in December. Both figures undershot expectations, and January’s data surprisingly so. The consensus forecast had been for a 1.1% increase in retail sales.
If we take motor vehicles out of the equation, sales were flat for the month of January, after a 0.6% increase in December.
Therefore, where in December, the bulk of negative reading could be blamed on a big drop in car sales, this time overall core retail sales show that consumer spending has hit a rough patch.
For the official release, follow this link to the Canadian Statistics report.
The data is slightly dated, since it measures the first month of the 1st quarter and we are almost done with the quarter, but it can cause some consternation among economists that the Canadian economy may not be as strong as anticipated.
The Canadian Dollar weakened in the aftermath of the data.
check Cad leading indicator link
ReplyDeletehttp://www.statcan.gc.ca/daily-quotidien/110322/dq110322b-eng.htm
Hi Scorpio,
ReplyDeleteNice chart!. While, the Canadian data did put a damper on the CAD yesterday, in the USD/CAD pair we still have to be consider the weakness of the USD from a fundamental perspective. In relative terms, the greenback may not have enough strength to carry this pair back to the highs we saw in mid-March. Those very strong gains to those levels came amid some panic as a result of Japan, and I don't think we have those similar conditions in global equity markets at this time.. In other words, unless we turn to risk aversion the greenback may be hard pressed to push this pair higher. Therefore, it may be better to play the "weaker" Canadian data against a stronger currency, maybe the EUR, GBP, AUD? Doing a quick scan of CAD crosses against those currencies we see that they have all moved against the CAD of late and so topside might be limited.
For USD/CAD I see a more sideways type action in the next few sessions, and maybe weeks.
Hope that helps and thanks for dropping a comment on our stories. Hope to see you around more.
- Nick