Happy Corner: Loonie (CAD) pairs

[ForexMindGames]

It is approaching 1.0050-70, which is a significant pivotal support-turn-resistance zone. From the 4hr chart, it is clearly visible that USDCAD turns at this critical S/R zone. Watch for it to re-test 1.0050-70. Go short if it fails to breaks above this zone.

Short 1.0050-70
Stop loss above 1.0100
First target profit 0.9900

[happypip]

Fancy a long-term retracement play? Then this USD/CAD trade setup might be for you! The pair just broke above the .9850 minor psychological resistance but seems to be pulling back from its recent rally. It could retrace until the 50% or 61.8% Fibs, which are in line with the rising trend line on that time frame.

[rknigh2]

Good eye HP!

Nice jump in retail sales and .2% revision for september release. It will be interesting to see what BOC says in a few minutes. I'd suspect (and I think the market expects i.e. priced in) more dovish talks from them. So contrarily... shorting here (.9970 level) would seem to have the better R:R.

[rknigh2]

Here's the update on that USDCAD trade.... My entry was at the circle.... Two fundamentals are working together to make this trade work right now....

The first occurred prior to entry and this was the CaD rate announcement which was more hawkish then expected.... That was where the big bear bar occurred....

The second is the China PMI which just came in a couple points higher then the precious reading,while not great, it is an improvement and commodities seem to be getting a boost from it...

I am now moving my SL to BE at .9930 and will ride this one out until it hits that or .9880



Attachment 34554

Great trade so far! I'm out until the FOMC and BoC statements

[rknigh2]

Caught a nice quick short from .9940 to .9905 over night.

Now I'm tempted to short here around .9915 before the US housing numbers. Although it appears the market is pricing in better-than expectations... a long probably makes for better R:R with a SL just below the .9900 psych support.

[Bijoymj]

Waiting for some price action to short the pair at trend line.



What you think guys..........?

[rknigh2]

Maybe.... The way I have it drawn, we saw that trendline support early last week and it failed midweek. I may be interested in a short around 1.0030. If there is a switch in sentiment. Unfortunately I don't see any real decent opportunities to shift the markets in a positive direction (other than some decent underlying technical support). Earlier this year 1.0020 to 1.0050 was a serious S/R zone. 1.0050 would be an ideal short price IMO (50 pip stop).

Waiting for some price action to short the pair at trend line.



What you think guys..........?

[happypip]

Waiting for some price action to short the pair at trend line.



What you think guys..........?

I love this! My USD/CAD trade idea this week is somewhat similar to yours. Where's your entry?

[happypip]

I know parity is a major level for USD/CAD, but we can’t discount that 1.0050 was also a former resistance area for the pair. Not only that, but the level is also in line with the 50% Fib retracement on the daily chart. Is this something that you would trade?

[rknigh2]

I know parity is a major level for USD/CAD, but we can’t discount that 1.0050 was also a former resistance area for the pair. Not only that, but the level is also in line with the 50% Fib retracement on the daily chart. Is this something that you would trade?

Love that trade. I have a quarter short position at 1.0020, 1.0035 and half a position at 1.0050. SL 1.0080. First TP target .9950.

PS. It looks like if the price gets to the 50% fib level and holds, your RSI would show some good bearish divergence too. We'll have to wait and see...