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.
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!
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!
Seeing a long opportunity on USDCAD
Daily Chart
- Bullish Divergence
- Price resting on rising trend line
- Price is in line with previous resistance
- Stochastic oversold.
What you think guys ???
Just as Big Pippin mentioned in today’s Chart Art, USD/CAD has been moving sideways inside a tight 35-pip range as it found support at .9915 and resistance just a bit above .9950. At the same time, stochastic is pointing down from the overbought region, suggesting that a selloff could be in play. This could work out for a quick day trade!
