USD/CAD chart
any opinions o the current chart (weekly, daily) on USD/CAD?
Long?
daily
weekly
There isn’t any clear direction in the USDCAD. The only pattern visible is a short term trend lower at the beginning of a new trading week starting sunday/monday. That pattern reverses quickly and the pair is about back wherever it started from at the end of that particular trading week.
Trading any direction of a weekly/daily chart in this present situation is pointless in my opinion.
In my opinion a 4h chart and lower is better suited to trade of and looking for the swings when the USDCAD changes it’s direction using TA.
I don’t trade the USDCAD from a 1 day chart @present until I can see a return of direction that lasts longer than 28 hours. 
A weekly chart is out of the question for me in the present situation the USDCAD finds itself.
Thanks for the feedback.
I think I see some support & resistance in the 1.07 - 1.08 zone in the daily and weekly chart. So there might be opportunities to come … However, I agree that it is probably not the “most attractive pair” right now.
Yeah…but how far does it get you…?
If you would enter a trade in that 1.07 - 1.08 S&R zone where would you be by the end of the day…? Just look at the candlestick patterns.
What would be your profit target…? What would be your risk and reward…?
I don’t see that pair is attractive @present.
USDCAD is very attractive when it is trending in correlation with crude oil because it moves very fast over an extended period ot time with very little retracements at resistance levels. Because it is leading or lagging crude oil.
In a situation like that USDCAD is clocking pips. Otherwise it is just drooling around
I posted a USDCAD live trade in progress some time ago when USDCAD was clocking up pips.
You find it here…
http://forums.babypips.com/newbie-island/26590-moving-averages-trading-strategy.html
I’m looking at the daily chart and I’ve been waiting weeks for USD/CAD to break through 1.06. But every time I’ve tested it with a sell the market has moved up. Seriously, I’ve picked the bottom the past two times we neared 1.06.
Going to wait until a retrace back to 1.10 to go short or a clear break of 1.06.
Buy: 1.0700
SL: 1.0600
TP: 1.1000
These are all round numbers. I wouldn’t use them because more often than not TP & SL @round numbers get hit. They are a target to knock out trades.
A better way is to place TP below 1.1000 by 3 pips +spread and [B]initial[/B] SL 1x ATR 14 reading from whatever time frame you’re working below 1.0600 in this case.
It looks line you’re looking at an intraday trade in this pair. Correct me if I’m wrong. In order to do that you need a trending USDCAD, meaning a proper trend established on a 4 hour time frame. In this present situation you’ll only get that if Crude Oil starts to trend again. Crude Oil is in a range…it is not trending.
It looks like you’re chances are slim to get a trending USDCAD pair. But then things change very quickly nowadays especially on a Sunday/Monday night with the USDCAD pair.
Hi Cas,
just noticed that the pair bounced off 2x since early Aug from 1.07 to 1.11. That however did not happen intra-day. Also the 2nd bounce-off low was at 1.0720.
As mentioned earlier, it is more of an idea. I am not too confident on it, mainly because a long trade would go against the daily trend, which is down. So a better option might be to see if the pair goes up to 1.10 / 1.11 area again and consider a short. That way it would be in line with the daily trend.
Thanks for all you feedback.
trustFX
on day chart the 55 sits on 1.0984 and the 200 sits on 1.1389.
Friday closing candle is higher than previous day closing candle.
Crude Oil has broken the 55 on a day chart on it’s way down.
The next pointer for your mentioned option is whether USDCAD can break it’s 55.
The indications are there that it might happen. We just have to wait and see.
Hello Traders!
Here is my USD/CAD analysis:
USD/CAD WEEK
Since last week the situation has not changed. It is a downtrend, the price is getting ready to attack a weak reversal level 1/8 once again. On the way to the target there is a strong reversal level 0/8. There is a high probability of a reversal or a strong retracement of the trend from level 0/8.
USD/CAD DAY
Since last week the situation has not changed. A downtrend. The price moves in the trading range and therefore may linger there (a flat has started). On the way to the target there is strong level 0/8 which is significant on weekly template. The price has almost exceeded the time frames, and for the further analysis we need to reconstruct the template using new extremes.
USD/CAD 240
We see a downtrend. The price is in the trading range, a flat is possible. On the way to the target T1 there are no strong levels from senior time frames. The price may easily reach target T1 after hitting p.4 down and reaching the lower trading range.