USD/CAD chart

[trustFX]

USD/CAD chart

any opinions o the current chart (weekly, daily) on USD/CAD?
Long?


daily


weekly

[cas]

Originally Posted by trustFX

USD/CAD chart

any opinions o the current chart (weekly, daily) on USD/CAD?
Long?

There isn't any clear direction in the USDCAD. The only pattern visible is a short term trend lower at the beginning of a new trading week starting sunday/monday. That pattern reverses quickly and the pair is about back wherever it started from at the end of that particular trading week.

Trading any direction of a weekly/daily chart in this present situation is pointless in my opinion.

In my opinion a 4h chart and lower is better suited to trade of and looking for the swings when the USDCAD changes it's direction using TA.

I don't trade the USDCAD from a 1 day chart @present until I can see a return of direction that lasts longer than 28 hours.

A weekly chart is out of the question for me in the present situation the USDCAD finds itself.

[trustFX]

Thanks for the feedback.

I think I see some support & resistance in the 1.07 - 1.08 zone in the daily and weekly chart. So there might be opportunities to come ... However, I agree that it is probably not the "most attractive pair" right now.

[cas]

Originally Posted by trustFX

I think I see some support & resistance in the 1.07 - 1.08 zone in the daily and weekly chart. So there might be opportunities to come ...

Yeah...but how far does it get you...?

If you would enter a trade in that 1.07 - 1.08 S&R zone where would you be by the end of the day...? Just look at the candlestick patterns.

What would be your profit target...? What would be your risk and reward...?

I don't see that pair is attractive @present.

USDCAD is very attractive when it is trending in correlation with crude oil because it moves very fast over an extended period ot time with very little retracements at resistance levels. Because it is leading or lagging crude oil.

In a situation like that USDCAD is clocking pips. Otherwise it is just drooling around

[cas]

I posted a USDCAD live trade in progress some time ago when USDCAD was clocking up pips.

You find it here...
Moving Averages in a trading strategy

[Jason Rogers]

I'm looking at the daily chart and I've been waiting weeks for USD/CAD to break through 1.06. But every time I've tested it with a sell the market has moved up. Seriously, I've picked the bottom the past two times we neared 1.06.

Going to wait until a retrace back to 1.10 to go short or a clear break of 1.06.

[trustFX]

Originally Posted by cas

If you would enter a trade in that 1.07 - 1.08 S&R zone where would you be by the end of the day...? Just look at the candlestick patterns.

What would be your profit target...? What would be your risk and reward...?

Buy: 1.0700
SL: 1.0600
TP: 1.1000

[cas]

Originally Posted by trustFX

Buy: 1.0700
SL: 1.0600
TP: 1.1000

These are all round numbers. I wouldn't use them because more often than not TP & SL @round numbers get hit. They are a target to knock out trades.

A better way is to place TP below 1.1000 by 3 pips +spread and initial SL 1x ATR 14 reading from whatever time frame you're working below 1.0600 in this case.

It looks line you're looking at an intraday trade in this pair. Correct me if I'm wrong. In order to do that you need a trending USDCAD, meaning a proper trend established on a 4 hour time frame. In this present situation you'll only get that if Crude Oil starts to trend again. Crude Oil is in a range...it is not trending.

It looks like you're chances are slim to get a trending USDCAD pair. But then things change very quickly nowadays especially on a Sunday/Monday night with the USDCAD pair.