How Low Can USD/CAD Go?

[happypip]

Anyone in a short USD/CAD trade right now? I keep waiting for a retracement to jump in on the trend but I can't seem to catch one.

Do you think it's a good idea to short at the break of .9600?

[o990l6mh]

Anyone in a short USD/CAD trade right now? I keep waiting for a retracement to jump in on the trend but I can't seem to catch one.

Do you think it's a good idea to short at the break of .9600?

On my charts I've marked the 0.9570 - 0.9510 zone as a possible demand zone where price might reverse.

Glancing quickly suggests to me that 0.9670 might be reached before a retrace ends.

My 2 cents

[happypip]

On my charts I've marked the 0.9570 - 0.9510 zone as a possible demand zone where price might reverse.

Glancing quickly suggests to me that 0.9670 might be reached before a retrace ends.

My 2 cents

Yep, sure looks like it. Well that's exactly what Big Pippin' pointed out in his chart art today. I'm uneasy about shorting the Loonie though, so maybe I'll just wait for that retracement around .9670 like you said. Are you in a USD/CAD trade now?

[o990l6mh]

No, not in any trade currently on that pair. I do watch it but oftentimes I find it ranging and trickier than other pairs.

[FX Rocket]

This pair actually is a nice setup which prices are lower low but the MFI is moving higher. Divergence setup.

Unfortunately, it happens just before the US debt talk. The prices should be very volatile. I skip this trade now.

[snook]

as of NOW, this pair is sitting on .9575 and with the news of a debt ceiling deal done but not voted on I suspect it will very slowly move back to the .9500 mark. at some point people are going to realize the reality is that they raised the debt ceiling to incurr more debt which means a lower dollar. and if they don't get this passed by tomorrow, it will drop way past .9500. So I'm going short right now. The way i see it, I have a 25pip stop with a 75 pip PT. thats good risk reward!

[happypip]

Argh, unfortunately my USD/CAD short didn't go so well. But I still have a hunch that this pair would keep trending down, but it might be better to look at the longer-term time frame. I'm looking at .9700 as possible resistance on the daily...

What do you guys think? Especially now that the debt talks seem to be out of the way.

[FX Rocket]

The daily chart of this pair show divergence with the Stoch again. It is another time to short again.