Anyone in a short USD/CAD trade right now? I keep waiting for a retracement to jump in on the trend but I can’t seem to catch one.
Do you think it’s a good idea to short at the break of .9600?
On my charts I’ve marked the 0.9570 - 0.9510 zone as a possible demand zone where price might reverse.
Glancing quickly suggests to me that 0.9670 might be reached before a retrace ends.
My 2 cents
Yep, sure looks like it. Well that’s exactly what Big Pippin’ pointed out in his chart art today. I’m uneasy about shorting the Loonie though, so maybe I’ll just wait for that retracement around .9670 like you said. Are you in a USD/CAD trade now?
No, not in any trade currently on that pair. I do watch it but oftentimes I find it ranging and trickier than other pairs.
This pair actually is a nice setup which prices are lower low but the MFI is moving higher. Divergence setup.
Unfortunately, it happens just before the US debt talk. The prices should be very volatile. I skip this trade now.
as of NOW, this pair is sitting on .9575 and with the news of a debt ceiling deal done but not voted on I suspect it will very slowly move back to the .9500 mark. at some point people are going to realize the reality is that they raised the debt ceiling to incurr more debt which means a lower dollar. and if they don’t get this passed by tomorrow, it will drop way past .9500. So I’m going short right now. The way i see it, I have a 25pip stop with a 75 pip PT. thats good risk reward!
Argh, unfortunately my USD/CAD short didn’t go so well. But I still have a hunch that this pair would keep trending down, but it might be better to look at the longer-term time frame. I’m looking at .9700 as possible resistance on the daily…
What do you guys think? Especially now that the debt talks seem to be out of the way.
The daily chart of this pair show divergence with the Stoch again. It is another time to short again.
I second that.
I jumped in yesterday. Made some pips.
Better late than never I guess.
So, the question is…how long to keep with this strength? On the longer term.
I am referring to CAD in general. Across the board, they are kicking *** and taking names.
USD/CAD during the recent Months was in a strong and consistent uptrend that buyers were successful in achieving the highest price of 1.12770.The price has stopped from more ascend by reaching to the resistance edge of Up Channel and a top price was created on the resistance line by the buyers retreat. Right now the price level of 1.12770 is known as a peak price by closing of the descending candle.Right now price is under 5-day moving average in long term time frames such as Weekly and Daily that shows a consistent downtrend in this currency pair.
In the range of formed top price there are(Monthly Time Frame) Harami Pattern and Spining Top candlestick pattern that shows the possibility for formation of a successful top price in continuing descending trend.As it is obvious in the picture below, there is an AB=CD harmonic pattern between the bottom price of 0.96349 and the top price of 1.12770 with ideal ratios of 38.2 to 224.2 that warns about descending of price from the D point of this pattern.RSI indicator in weekly time frame is in saturation buy area that confirms the current top price and warns about changing price direction.According to the current situation there is not any clear reason about ascending of price in long term time frames. The least sign for ascending of price is formation of a bottom price and recording of it in daily time frame.
Picking up an oldie here, but I think it is time to short the USDCAD anywhere above 1.2600.
the upside as the only move possible for USD/CAD ahead. The break above 128.20/40 favours a further bullish extension towards 1.3250.
USD/CAD: Outlook depends on Canada GDP, but susceptible to the downside The USDCAD is onward and upward according to Wood****, with the CAD being aided by the bank of Canada. He believes it has hit a tough point at 130.50, but with good Canadian numbers today there is a chance the USDCAD could break through. Alternatively, poor numbers or oil could cause a pull back. - See more at: Forex outlook: EUR/GBP still guiding GBP/USD, Keep eyes on weak crosses - Tip TV