Happy Corner: Loonie (CAD) pairs

[happypip]

A possible setup to go long on the pair on the 4hr chart, if reversal candle forms. Pair is already extremely oversold and seems to be stalling at 1.0200, which has been a previous support area. Will keep an eye open for the next couple hrs.

I'm keeping my eye on that 1.0200 support too, but I'm worried it might break during the FOMC statement this week. Looks like a head and shoulders pattern on the 4-hour also. Then again, USD/CAD has been somewhat consistent with ranges so we could see a bounce like you expect. Good luck with your trades!

[happypip]

I know a lot of you are watching a possible head and shoulder break on USD/CAD, but if we look at the 4-hour chart closely, we’ll see that a descending triangle is also forming right where the second shoulder should be. With two patterns signaling a downside move, do you think a bearish trade for the pair is a good idea?

[topdogmutly]

I'm keeping my eye on that 1.0200 support too, but I'm worried it might break during the FOMC statement this week. Looks like a head and shoulders pattern on the 4-hour also. Then again, USD/CAD has been somewhat consistent with ranges so we could see a bounce like you expect. Good luck with your trades!

I actually saw the descending triangle at the time, so it was a short term setup. I entered the trade at 1.0209 and exited at 1.0259 = +50 pips.

[happypip]

I actually saw the descending triangle at the time, so it was a short term setup. I entered the trade at 1.0209 and exited at 1.0259 = +50 pips.

Good one! Congrats!

[hunter204]

i really like your trading ideas happypip and I'm following you there. hope to hear you more )

[happypip]

i really like your trading ideas happypip and I'm following you there. hope to hear you more )

Aww, thanks so much! Don't be shy to share your trade ideas here, too!

[happypip]

Thanks to the risk off environment and falling oil prices, USD/CAD has been on a steady uptrend for more than a week and counting. The pair seems to have found support at the rising trend line again while stochastic just turned after hitting the oversold zone. The question is: How much higher can this pair go?

[happypip]

Like what Big Pippin pointed out on his charts today, USD/CAD is showing a nice descending channel setup on the 4-hour chart. Will USD/CAD reach all the way to the bottom of the channel near the 1.0100 handle, or will 1.0150 provide enough challenge for the Loonie bulls?

[rasif000]

Like what Big Pippin pointed out on his charts today, USD/CAD is showing a nice descending channel setup on the 4-hour chart. Will USD/CAD reach all the way to the bottom of the channel near the 1.0100 handle, or will 1.0150 provide enough challenge for the Loonie bulls?

I think this chart can help you to figure what actually is going to happen..
I've also check H1 chart and it seems like a divergence is forming in MACD. What do you think?

[shams00]

Hi happypip here is divergence. what you think its reversal?Trend is our friend. so i am so afraid to trade against trend. I don,t found any reversal pin bar. Its already break support line 1.0150 but stuck on fib 50level 1.0125 let see what happen. or you r waiting for 1.0100