USD/CAD chart

[trustFX]

USD/CAD chart

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


daily


weekly

[cas]

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]

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]

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]

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.

[trustFX]

Hi Cas,

just noticed that the pair bounced off 2x since early Aug from 1.07 to 1.11. That however did not happen intra-day. Also the 2nd bounce-off low was at 1.0720.

As mentioned earlier, it is more of an idea. I am not too confident on it, mainly because a long trade would go against the daily trend, which is down. So a better option might be to see if the pair goes up to 1.10 / 1.11 area again and consider a short. That way it would be in line with the daily trend.

Thanks for all you feedback.

[cas]

trustFX

on day chart the 55 sits on 1.0984 and the 200 sits on 1.1389.

Friday closing candle is higher than previous day closing candle.

Crude Oil has broken the 55 on a day chart on it's way down.

The next pointer for your mentioned option is whether USDCAD can break it's 55.

The indications are there that it might happen. We just have to wait and see.