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About LinkBacksHow low can USD/CAD go? The long-term falling trend line on the daily chart has held once more as the pair bounced off the 38.2% Fibonacci level. However, it seems that dollar bears aren't done yet! USD/CAD might be on its way to test its previous lows below .9700 since stochastic is still pointing down.
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Thread: Happy Corner: Loonie (CAD) pairs
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10-09-2012, 01:57 AM #141
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10-16-2012, 02:09 AM #142
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USD/CAD: Pennant in the Making?
Don’t look now, but there’s another Loonie bullish setup on USD/CAD! This time it’s on the daily chart. A symmetrical triangle has been forming since early September, which could easily become a bearish pennant if the Loonie bulls decide that they’re not done buying the comdoll just yet. The .9700 area is a good target if you think that USD/CAD is about to fall.
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10-16-2012, 09:13 AM #143
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Originally Posted by happypip
Don’t look now, but there’s another Loonie bullish setup on USD/CAD! This time it’s on the daily chart. A symmetrical triangle has been forming since early September, which could easily become a bearish pennant if the Loonie bulls decide that they’re not done buying the comdoll just yet. The .9700 area is a good target if you think that USD/CAD is about to fall.
The bullish pennant inside the bearish flag had a solid break out. Opportunity for a short at the tough .9880 resistance/support? Great chart happypip!
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10-17-2012, 02:01 AM #144
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I am bearish on this pair. Considering the bearish divergence, I entered on a short trade at 0.9866.
How are you feeling about this trade ?
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10-17-2012, 11:06 AM #145
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Hi to all,
I am trading the usdcad and I put the limit to 0.9807 where usdcad can go down?
Thank you a lot
bye
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10-18-2012, 12:17 AM #146
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My trade as posted in Post #144 was a success and it gained me straight 100 pips.
Thank you guys.
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10-18-2012, 07:05 PM #147
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Fantastic trade Bijoymi! I caught a piece of it then went long at .9775 and took profit today at .9725! Yay pips!
I have now loaded up my shorts again at the familiar .9850 level. The long term bearish flag Happypip pointed out is still looking ripe for the pippin!
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10-18-2012, 10:22 PM #148
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Hai rksingh2,
The triangle is still in favor to give some more pips. I am not shorting the pair as I am having other two trades (Short GBP/USD which is now up by 100 pips at Bijoy's Trading Set ups. and pending order on EUR/AUD at Bijoy's Trading Set ups. which is to be triggered.
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10-20-2012, 08:19 AM #149
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Have a look on the Fundamentals too, crude oil is going down for the long trend and I think the flag had a breakout now anyway so it's a useless pattern now. Originally Posted by rknigh2
cheers
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10-21-2012, 09:29 AM #150
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Originally Posted by Kasravi
Yes, that's too bad :/ Can't catch them all! Still holding the shorts while .9950 holds and support at parity, SL at 1.0020.
Oil is still holding in the $90 area, but thanks to Carney's dovish comments the CAD has a bit more to give back now. Fundamentally Canadian and North American economies are still looking good, however Carney has to take opportunities to downplay the CAD strength. So overall I'm still bullish CAD, but we may very well get some better prices to short U/C above parity.
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