Happy Corner: Loonie (CAD) pairs

I am short after the shooting star on the daily…let’s see how it goes. What time-frame is that inverse H&S?

I think it still has some room to grow though. It is not going to contract under 1.0420. Watch out for the Canadian GDP for the month of April that is coming out on friday. Almost all canadian economic figures have been bad for april thus far so I am expecting a low GDP. Thus I think the current contraction will end this friday and then I am seeing the pair to go up to around 1.0580 before contracting again.

But I am currently not taking any position though since the pair has increased so quickly and its tough to stay long at that point. I rather short EURUSD these days :slight_smile:

I just think that the bullish break for UsdCad at this point is definitive.

Boy, oh boy, does USD/CAD love its ranges! The pair is moving sideways again, as it found support near 1.0450 and resistance at 1.0550. The pair just fell after testing the 1.0550 area and appears ready to test the bottom of the range again. Make sure you watch stochastic if you plan to play this range!


Why is the WTI close to 100, but the Loonie is not reacting and is still above 1.05? It will be interesting to know who between the two ones is not telling the truth…

I haven’t really traded a lot of wedges before, but this particular wedge on USD/CAD’s 4-hour chart seems pretty solid. A short below the 1.0500 major psychological handle is a good idea if you think that we’ll see dollar weakness this week.


I believe that the rise of the WTI will support the strenghtening of the Loonie until the parità. The correction has started after 5 bullish waves.

It looks like USD/CAD is having a tough time heading any lower! Resistance turned support around the 1.0375 area is still holding like a boss while stochastic looks ready to head right back up. If USD/CAD bounces, it could head back to its recent highs around 1.0600 while a breakdown could take it back to 1.0200.


Monthly bearish engulfing pattern for UsdCad, if the month closes below 1.0360.


USD/CAD is only a couple of pips away from the 1.0300 handle, which is near the rising trend line on the daily chart. Stochastic is also on the oversold area, but it hasn’t crossed just yet. You can also wait for a retest and check the candlestick patterns if you’re not too sure about the Loonie’s possible weakness.

5 monthly waves completed on UsdCad, but the end of July could be an outside bar that heralds a return to the parity, or the correction that I am waiting to return long.


The rising trend line on USD/CAD’s daily time frame is still holding, and it appears we’re getting more confirmation for a bounce. Not only is stochastic in the oversold region, but it has also made a bullish divergence! Better make sure it crosses up first before jumping in though.


Is the Loonie in for more hurt? USD/CAD is consolidating on what looks like a bullish pennant on the 4-hour chart. If the pair breaks above the pennant that I’m watching, then I might look at a possible long order entry above the previous highs near 1.0400.


Wolfe Waves have been completed on EurCad; back on the 200-days moving average 1.33.


Take a look at that! USD/CAD’s daily rising trend line is still holding like a boss, as the pair made a couple of tests recently. It is currently finding support at the 1.0300 major psychological handle but stochastic is pointing down, suggesting that the pair could dip a little lower again. Do you think the trend line will still hold?


I’m taking a leaf out of Big Pippin’s book this week as I look at the yummy resistance on USD/CAD’s 1.0430 area. As our resident chart guy pointed out earlier today, the Loonie bears are likely to encounter resistance at a noticeable area of interest. A tight stop could work if you believe that the pair is headed lower, but it also doesn’t hurt to wait for a couple of bearish candlesticks before you jump in!



Here’s one for the comdoll bears! USD/CAD recently encountered support at the 1.0500, which has served as an area of interest for the Loonie bulls and bears. If you’re thinking of buying this pair, then you’ll like that Stochastic is on the oversold region.

Which way could USD/CAD go? The pair has been consolidating inside an ascending triangle for the past few days, as dollar traders seem to be gathering more energy for a breakout. An upside breakout could take the pair past the 1.0600 major psychological resistance while a downside break could push it below 1.0400. What’s your take on this one?


for the new guy… what do you think of this morning’s bounce?

The net short exposure of the hedge funds seems to favor a primary top on UsdCad.