Happy Corner: Loonie (CAD) pairs

[rasif000]

Attachment 28313
Hi happypip here is divergence. what you think its reversal?1.0124 level have 50 fib. or you r waiting for 1.0100

Which time frame brother?

[alwjmonster]

Which time frame brother?

you gotta to be kidding me brother, if you din know how to look on timeframe!!..

[rasif000]

you gotta to be kidding me brother, if you din know how to look on timeframe!!..

Actually the image is in low resolution.. So, couldn't figure that out..

[happypip]

Looks like 1.0100 support/bottom of the channel is holding for now and that's also bottom WATR for the week. NFP could be a make or break and, since I won't be able to watch my charts then, I'll sit this one out.

[happypip]

Thanks to weaker than expected U.S. jobs data, risk aversion pushed USD/CAD up from the bottom of the channel last week. Of course it also helped that the channel support lined up with 1.0100 and was close to last week's bottom WATR.



Will the upward momentum carry it all the way to the top of the channel this week? It looks like the pair is stalling right in the middle while a bearish divergence already formed.

Which way do you think it'll go?

[happypip]

The Loonie is testing the 1.0130 handle, an area that has served as a pretty solid support last week. Will the level hold once again, or will QE speculations drag the pair to new intraweek lows? Let the tug-o-pips begin!

[happypip]

Is USD/CAD's rally just one giant pullback? Reversal candles are forming at the 61.8% Fib, which is in line with a former support level on the 4-hour time frame. At the same time, stochastic is in the overbought zone, suggesting that Loonie bears might need a break. Do you think the downtrend will resume soon?



Should I jump in or should I wait for more confirmation? Share your thoughts with me!

[rasif000]

Maybe it has broken it's resistance level now..

[jamessheppard]

Is USD/CAD's rally just one giant pullback? Reversal candles are forming at the 61.8% Fib, which is in line with a former support level on the 4-hour time frame. At the same time, stochastic is in the overbought zone, suggesting that Loonie bears might need a break. Do you think the downtrend will resume soon?



Should I jump in or should I wait for more confirmation? Share your thoughts with me!

Are you seeing the big engulfing bearish candle on D1? Could this mean a move down to the 1.0064 level??

[happypip]

Are you seeing the big engulfing bearish candle on D1? Could this mean a move down to the 1.0064 level??

Yep, saw that earlier too! Plus that resistance level actually lined up with top WATR resistance for the week, so all the technical signals seem to line up for a short trade. If it does drop, it might test those former lows around 1.0064 like you mentioned.

Did you trade this one?