CAD Dilemma since 2016
Updated
This chart is comparing the equally weighted index of CAD with UJ. The main chart symbol looks like a long list of currency pairs but actually I compare only two things here.
1) CAD strength against the basket of other majors, USD, JPY, EUR, GBP, CHF, AUD & NZD. Indicated as the black line and titled CAD IDX.
2) USDJPY (UJ), the bar chart.
The UJ seasonality events are indicated by the down arrows on UJ. As part of UJ seasonality CAD and JPY crash and then rally and I tried to find correlations or relations between UJ and the CAD equally weighted index (IDX) I like to use.
The CAD rallies are the big arrows up on CAD IDX and the last one on the right is the one I am expecting in the next couple of weeks, at least not later than June. After which I expect another long deep drop of USDJPY to follow like it did in the past two years.
This year I noticed some other signals that may point out to a possible CAD break of channel resistance from which it has been captured by since 2016. This break-out will cause the long awaited drop on USDCAD, also since 2016, which would be in agreement with the break-out move.
Also check my related ideas on UJ Seasonality and its opening bell.
1) CAD strength against the basket of other majors, USD, JPY, EUR, GBP, CHF, AUD & NZD. Indicated as the black line and titled CAD IDX.
2) USDJPY (UJ), the bar chart.
The UJ seasonality events are indicated by the down arrows on UJ. As part of UJ seasonality CAD and JPY crash and then rally and I tried to find correlations or relations between UJ and the CAD equally weighted index (IDX) I like to use.
The CAD rallies are the big arrows up on CAD IDX and the last one on the right is the one I am expecting in the next couple of weeks, at least not later than June. After which I expect another long deep drop of USDJPY to follow like it did in the past two years.
This year I noticed some other signals that may point out to a possible CAD break of channel resistance from which it has been captured by since 2016. This break-out will cause the long awaited drop on USDCAD, also since 2016, which would be in agreement with the break-out move.
Also check my related ideas on UJ Seasonality and its opening bell.
Trade active
CAD is getting a strong push down with the NFP volumes causing USD to devalue more and getting closer to steady devaluation. Waiting for speculators to take over the trend.Note
On the verge of completingNote
Very interesting I see on the super trends developing of GU, EU, AU and NU since yesterday that GC, EC, AC and NC are diverging from the USD super trends. Not sure if it is the floating market or intervention. CAD has been showing a lot of strength for a couple of months and strong resistance to devalue. We may never get that last short leg down and break out from the channel to the upside from here!Note
Still expecting CAD drop to channel supportNote
Possible one more leg up before longer devaluation to lower boundary of the channelNote
Anybody still watching this? Looks like today we are finally going to see the triangle crash of CAD, USD & JPY
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.