Happy Corner: Loonie (CAD) pairs

[happypip]

Now here's a potential retracement play on USD/CAD. As you can see from the chart, the pair is still moving inside a rising channel on its 4-hour time frame but it appears to be pulling back after finding resistance at the top. The pair could retrace until the 38.2% to 50% Fibs, which are in line with the bottom of the channel. Set your stops below the channel or the 61.8% Fib if you're thinking of going long.

[Bijoymj]

Now here's a potential retracement play on USD/CAD. As you can see from the chart, the pair is still moving inside a rising channel on its 4-hour time frame but it appears to be pulling back after finding resistance at the top. The pair could retrace until the 38.2% to 50% Fibs, which are in line with the bottom of the channel. Set your stops below the channel or the 61.8% Fib if you're thinking of going long.

I am expecting a potential support around 0.9900 area.

[happypip]

I am expecting a potential support around 0.9900 area.

Eep, do you think it's breaking now though? Next support might be at .9850...

[Bijoymj]

Eep, do you think it's breaking now though? Next support might be at .9850...

Not sure..... May be a false break out

Expecting uptrend to resume. Will go long on a close of 4 hour candle above 0.9900

[rknigh2]

That 50.0% Fib level was like a trampoline!

Big bullish daily candle... what's the plan? I'm waiting with a short at parity (which just so happens to be the 200 day SMA) with a tight stop at 1.0030. Simple R:R play, even though I believe the sentiment is quickly moving toward USD strength as the fiscal cliff talk has no more distractions.

[happypip]

Since Stochastic is in the middle area, I’m having trouble seeing a direction for the Loonie. On the one hand parity is still holding as resistance. On the other hand, the bullish pennant on the 4-hour chart is also looking good for a breakout trade. I’ll probably wait for fundamental news before I pick a direction for this pair.

[happypip]

Is USD/CAD's rally over? On its daily chart, it appears as though the rally is losing steam as the pair made a bearish divergence right on the 50% Fibonacci retracement level. The divergence seems to be playing out as stochastic is currently crawling out of the overbought zone. Do you think it's safe to jump in? Parity seems to be holding as resistance, too!

[happypip]

Okay so maybe I lost my last USD/CAD uptrend trade. But maybe I was just looking at the wrong levels! If you think that the Loonie is about to weaken, wait for possible buy levels near the trend line and the .9900 major level. Oh, and check out the almost oversold Stochastic signal!

[Bijoymj]

View on USDCAD

Attachment 36639

[Bijoymj]

View on GBPCAD

Attachment 36635