Happy Corner: Loonie (CAD) pairs

I actually saw the descending triangle at the time, so it was a short term setup. I entered the trade at 1.0209 and exited at 1.0259 = +50 pips.

Good one! Congrats!

i really like your trading ideas happypip and I’m following you there. hope to hear you more :))

Aww, thanks so much! Don’t be shy to share your trade ideas here, too! :slight_smile:

Thanks to the risk off environment and falling oil prices, USD/CAD has been on a steady uptrend for more than a week and counting. The pair seems to have found support at the rising trend line again while stochastic just turned after hitting the oversold zone. The question is: How much higher can this pair go?

Like what Big Pippin pointed out on his charts today, USD/CAD is showing a nice descending channel setup on the 4-hour chart. Will USD/CAD reach all the way to the bottom of the channel near the 1.0100 handle, or will 1.0150 provide enough challenge for the Loonie bulls?

I think this chart can help you to figure what actually is going to happen… :slight_smile:
I’ve also check H1 chart and it seems like a divergence is forming in MACD. What do you think?

Hi happypip here is divergence. what you think its reversal?Trend is our friend. so i am so afraid to trade against trend. I don,t found any reversal pin bar. Its already break support line 1.0150 but stuck on fib 50level 1.0125 let see what happen. or you r waiting for 1.0100

Which time frame brother?

you gotta to be kidding me brother, if you din know how to look on timeframe!!..

Actually the image is in low resolution… So, couldn’t figure that out… :wink:

Looks like 1.0100 support/bottom of the channel is holding for now and that’s also bottom WATR for the week. NFP could be a make or break and, since I won’t be able to watch my charts then, I’ll sit this one out.

Thanks to weaker than expected U.S. jobs data, risk aversion pushed USD/CAD up from the bottom of the channel last week. Of course it also helped that the channel support lined up with 1.0100 and was close to last week’s bottom WATR.

Will the upward momentum carry it all the way to the top of the channel this week? It looks like the pair is stalling right in the middle while a bearish divergence already formed.

Which way do you think it’ll go?

The Loonie is testing the 1.0130 handle, an area that has served as a pretty solid support last week. Will the level hold once again, or will QE speculations drag the pair to new intraweek lows? Let the tug-o-pips begin!

Is USD/CAD’s rally just one giant pullback? Reversal candles are forming at the 61.8% Fib, which is in line with a former support level on the 4-hour time frame. At the same time, stochastic is in the overbought zone, suggesting that Loonie bears might need a break. Do you think the downtrend will resume soon?

Should I jump in or should I wait for more confirmation? Share your thoughts with me!

Maybe it has broken it’s resistance level now… :slight_smile:

Are you seeing the big engulfing bearish candle on D1? Could this mean a move down to the 1.0064 level??

Yep, saw that earlier too! Plus that resistance level actually lined up with top WATR resistance for the week, so all the technical signals seem to line up for a short trade. If it does drop, it might test those former lows around 1.0064 like you mentioned.

Did you trade this one?

I was waiting to find an entry last night but fell asleep! I will keep an eye out today incase a opportunity presents itself. Are you based in the US? Seems like our posts on this and the AUD/USD thread seem to be far apart!!

If you’re planning on shorting the comdolls, then trading USD/CAD’s parity level might be your best bet right now. The major psychological handle is not only a former resistance level on the daily chart, but it’s also the bottom of the falling channel that we’re all watching!