If you’re not too keen on buying the Greenback against the yen, then you could always look at the potential bullish pennant breakout on USD/CAD’s 1-hour chart. Stochastic is already oversold anyway, and it looks like the week’s open price (.9920) is holding up pretty well. A tight stop below the pennant’s support is a good idea if you think that the Loonie is headed south against the Greenback.
Is that a rising channel that’s about to form on USD/CAD? On its 4-hour time frame, the pair has been making higher lows and higher lows, signaling that an uptrend is in place. The pair just reached the top of the channel though and stochastic is moving out of the overbought zone. Could a selloff be in the works?
If the BOC’s dovishness is a tragedy, why is USD/CAD holding at parity? If you remember, the 1.0000 area has served as a pretty good resistance level last week. It looks like USD/CAD is about to revisit the level though, so make sure that your eyes are peeled for a possible retest of last week’s major level!
Hit Stop Loss. No Problem. -30 pips
Are you thinking of going long at .9850? Looks like it’s a major psychological level for USD/CAD. Almost as significant as parity, in fact. But that’s just me 
Missed the rally. Price has already reached Parity without a retrace to the strong support at 0.9850.
Where it will find resistance: At Parity ?. or at 1.0100 ?
USD/CAD seems to be headed further north as the pair just bounced from the bottom of the rising channel on the 4-hour chart. Now that the pair is moving close to the middle of the channel, stochastic has reached the overbought region. Unless Loonie bulls charge though, the pair could simply pull back a little then stay on track to reach the top of the channel around 1.0250.
Nice setup! Price just missed the entry though. Now it’s right back at the parity area. Maybe it’s a more significant support level?
Ranging at Parity area. Will go long If it comes down to 0.9990 (61.8 level)
Whether I was over confident ? I was waiting for a retrace to the 61.8% support area for going long at 0.9990. But parity hold the price strongly and I missed my entry just for 8 pips.
Bad Luck… Better chances may be waiting for me…
Calling all comdoll bears! USD/CAD is about to touch the rising trend line on the 1-hour chart, which isn’t far from the 1.0100 major handle. Stochastic is near the oversold region, too, so you better watch out for a possible retracement trade!
Nice. Price is now firmly above parity. Still a good buy, you think?
