USDCAD POSSIBLE 300 PIP DOWNSIDE MOVEPossible short to our downside targets of 1.28600, 1.2700 then possibly 1.25500 our “D” Extension target. We will be entering our trade on the break below the trend line.
CAD
CADJPY POTENTIAL LONG THEN GOOD SELLIf price breaks above the inner trendline then we would be looking long to level 83.00-83.200. Once price reaches this level we would ideally be looking for a short setup down to 80.00-79.850. However, we take it step up step and be patient with the trades. On the one hour window the 200 EMA is acting as Magnetic Resistance in our target area on the upside. However if price breaks above the downward trendline breaking above 83.250 then the trade setup to the downside would no longer be valid. If we do have strong bearish PA at this level we would be looking short down to 81.650 then 80.000 for a 300+ pip downside move.
USDCAD UPDATE- WAITING FOR THAT BIG SHORT SET UPAPOLOGIZES. DRAWING WAS NOT CORRECT - STILL WAITING TO SHORT LONG TERM . NO INTEREST IN SHORT TERM LONGS.
AS ALWAYS WE ATTEMPT TO FORECAST, NO-ONE HAS A CRYSTAL BALL.
JUST MY IDEA NOT A TRADE RECOMMENDATION
USD/CAD-WAITING FOR A LOVELY SHORT ? ZOOMING IN NOW.THERE ARE MANY WAYS TO DRAWS LINES. I MAY BE INCORRECT. SO I'M WAITING FOR CONFIRMATION OF A TREND CHANGE. I DO SEE PLENTY OF REJECTION IN THIS AREA NOW WHICH IS GREAT. I WILL NOT YET JUMP INTO A SELL POSITION UNTIL IT IS OUT OF THAT BOXED ZONE. THEN CONSOLIDATES OR RETRACES NEAR 1.28400'S
JUST AN IDEA AND AS ALWAYS NOT A TRADE RECOMMENDATION-
LEARNING THE ROPES. :)
PLEASE THUMBS UP OR COMMENT/IDEA'S ETC - CHEERS
CADJPY ON TRACKPOWERFUL FORCES SEEM TO BE CLEARLY INDICATING DIRECTION ON HIGHER TIME FRAMES.
IF I SEE THIS CLEARLY , THEN THE BREAK OUT WOULD BE A GOOD TO SELL
Low risk entry on the pull backTarget is 50% retracement of the move down from 2.1XXX
Stop is below 113% retracement of the recent advance to 1.92XXX.
If stop loss taken you can still consider entering at 1.272 or 1.414.
Please due your due diligence,
Best, Hamed
LOW DOWN GBPCADMAYBE THIS PAIR WILL CONTINUE WITH THIS TREND. CORRECT AND CONTINUE AGAIN TO A NEW LL
JUST SOME IDEAS ON CADJPYGOOD LUCK IF IT BREAKS ONE WAY MAKE SURE TO BE FOLLOWING ME FOR ALL MY CHARTS
usdcad short Looking at the weekly chart, you can see price broke through a HL at the 1.2830 level. Price then pulled back into the bullish weekly candle that created the move down. Missing this opportunity to go short i waited for price to again close below the 1.2830 level, I will probably wait for mondays or tuesday high before shorting. i don't believe price will move back up to the 1.2830 level till some targets are hit.
USDCAD Potential Trend Following Short TradeOver this last year USDCAD has been in a significant down trend and it has only been in this past month or so that the market has made any significant upside movement. However this upside movement was quickly rejected and price fell off sharply. The initial trade set up was a short upon price action breaking below the first short term blue uptrend that has is drawn on the chart. We may have a chance to follow this downward moving momentum if we can see price break below and close below this second and most recent short term blue uptrend line that is drawn. WAIT for price to break below and close below and then consider a short position. REMEMBER when you are trading WITH the overall direction of the trend the odds are significantly in your favor.
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POSSIBLE BEARISH CONTINUATION CAD/JPYCAD/JPY recently broke a long term counter trend line only to retrace back up and find resistance at the 61.8 fib level where is has stalled and become congested whilst at the same time touching the 200 MA just short by a pip or two of another counter trend line before being sucked back down into the congestion again. this is a trade that i am already in after shorting the bearish engulfing just after the trend line touch. there is however still a decent entry opportunity for others who may want to get in on the trade. A close bellow the 83.433 level could provide a decent selling opourtunity with targets at 81.185 and 79.994 should the market roll over like expected.
We Expect Weak Canadian Jobs Report After Massive Wildfire• The CAD weakened against USD as oil prices moved lower and risk appetite waned. Losses for the loonie came one day after it strengthened to a five-week high at 1.2655 as expectations dwindled that the US Federal Reserve will move to hike interest rates again soon.
• Oil prices fell, snapping a three-day rally after notching another 2016 high, as a stronger dollar sparked profit-taking in crude futures. Slippage in global stocks provided an additional headwind for the risk-sensitive commodity-linked Canadian dollar. US stocks retreated after three straight days of gains.
• Statistics Canada showed that Canadian industries ran at 81.4% of capacity in the first quarter, up from 80.9% in the previous quarter and new home prices in Canada rose 0.3% in April from March.
• Canadian employment data for May will be released today (12:30 GMT). The report comes after a massive wildfire last month cut production in Alberta's oil sands region. That’s why we should expect weak figures. The Bank of Canada has said it expects damage from the wildfire to shave 1.25 percentage points off economic growth in the second quarter, which could put the quarter on pace for a contraction.
• Our USD/CAD outlook remains bearish in the long term. Firming economic growth, a recovery in commodities prices and the shift in expectations for monetary policy for both Canada and the United States are still important supportive factors for the loonie.
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AUDCAD - Key areaKeeping an eye on this strong support area on AUDCAD
We could have a breakdown of this area or a bounce upwards. I'm looking for price action to confirm the direction of the market.
If we can get a strong close below the 0.94350 area (a BEOB) I would hold a bearish bias; if we were to see a pin bar or BUOB I would hold a bullish bias.
AUD/CAD finds stiff resistance at 0.9545, good to sell ralliesAUD/CAD is extending downside from 1-month highs of 0.9545 hit on Tuesday.
Intraday bias for the pair is lower, pair finds immediate support at 0.9455 (trendline), then 0.9446 (10-DMA).
Major resistance is seen at 0.9542 (trendline), bearish invalidation only on break above.
Techs on 2H charts support downside. Break below 0.9455 could see test of 0.9385 levels.
Good to sell rallies around 0.9485/95, SL: 0.9545, TP: 0.9455/ 0.9430/ 0.9385
USDCAD : ended the wait for the upward trendPending the usdcad take more power upward if in 1 hour chart the price breaks above the moving average of 62 periods and get the price of 1..27708 this would indicate the upward force expected clear ... waiting confirmation with the oscillators
USDCAD potential long opportunity. Hello Traders,
This pair has been following a bearish trend as of recent generally forming a series of lower lows and lower highs. However, we broke these highs completing a Gartley pattern as indicated in blue.
We now want to take advantage of a potential Cypher pattern if price can reach 1.2619 and complete this pattern with confluence of bullish divergence (Hidden) and previous support & resistance.
We will be looking to go long on this pair aiming for two targets:
TP1- 1.2834
TP2- 1.2972
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