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!
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 http://forums.babypips.com/trade-journals/47465-bijoys-trading-set-ups-7.html#post409894 and pending order on EUR/AUD at http://forums.babypips.com/trade-journals/47465-bijoys-trading-set-ups-11.html#post410411 which is to be triggered.
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.
cheers
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.
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
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.
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.
Great trade so far! I’m out until the FOMC and BoC statements 
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.
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).
I love this! My USD/CAD trade idea this week is somewhat similar to yours. Where’s your entry?
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…
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.
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
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.
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.
