Now my EURCAD trade is up by 90 pips and so moved SL to 1.3450 locking 40 pips.
Daily RSI very high? Time to sell USDCAD?
When will the Loonie’s selloff end? The pair has been making new highs for the past few trading days! The stochastic on the 4-hour time frame is deep in the overbought region, suggesting that USD/CAD could have trouble sustaining its climb. In addition, a bearish divergence has formed with stochastic making lower highs and the price making higher highs.
Happy pip has pointed out a bearish divergence in USDCAD. Here is my view on USDCAD which is also bearish. The pair is climbing the hill in the daily chart in line with a steep rising trend line. According to School of Pipsology, steep trend lines are more likely for a breakout. Here we can see that, yesterday’s candle closed as an indecision candle (Pin bar) which may boost the price for a descend.
I think entering on a short trade at 1.0235 which is few pips below the pin bar may be a good idea for the moment. Stop Loss can be just above the pin bar and TP levels may be at 1.0100 which is in line with the previous support.
Plus dialy RSI just hit about 81. This has been the highest hit since about late 2008. Only a couple of hits at about 78 to 79 since 2008 and each time the pair subsequantly fell about 7 or 8 cents. Going in for a least a small short now. Even if I just get 100 pips that is fine. One thing that would kill this is if more trouble was stirred up in Europe/Italy right now. I have heard a few things on Italy but not sure of the whole story there.
Going short at 1.0235 is a great idea as there well be some break in the uptrend there.
Already shorted the pair @ 1.0235
Yup me too.
Turned up. Stop-Loss here.
Hope u used SL dude.
After getting previous USDCAD short trade stopped out, here I am once again trying my luck Again.
Shorting the pair @ 1.0290
The rising trend line in the 4 hour chart is already broken and price has already completed it’s pull back to the broken trend line. Now price is headed down towards previous resistance. Let us hope for the best.
TP looks good for quick buck. I am looking to sell the marjority of my position by then too and may keep a bit for long run to maybe .98 or there abouts. The position pays interest so from that perspective it is a good hold too - for at least a small position.
Closed my trade for +35 pips considering the short term trend line. Will Short again, If price close below 1.0240.
Here’s one for the dollar bulls! USD/CAD is sitting at a potential rising channel support on the 1-hour chart. Not only that, but Stochastic is also in the oversold region! The 1.0300 level is a good target if you think that the Loonie is in for more losses this week.
I went for this trade yesterday with initial TP at 1.0303 but then I changed it 1.0292 as I didn’t expect it to have enough power to push through 1.0300. TP was hit and as we can see now, it’s heading south.
Thank for the tip! 
You’re welcome, igor0203! Are you planning to change your bias and short the pair instead?
Currently not as I don’t see any clear signal on H1 and H4 chart, MACD on D1 shows bearish sign, I’ll just wait for confirmation. I’ll be watching this pair as USD seems to be losing its value against other currencies but so far I see it still to risky to short especially ahead of BoC interest rate decision and NFP. 
And you?