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EUR/CAD reconfirms dominant trend lineAlthough the common European currency already met with the long term, most dominant channel’s support against the Canadian Dollar, another retreat to reconfirm the trend line has occurred. Actually, the rate recently reconfirmed the ascending channel pattern’s upper trend line twice, as it rebounded against the trend line and the monthly S1 just below the 1.47 mark. In the near future the pair is set to reach the combined resistance of the weekly PP near 1.4825 mark together with various approaching SMAs. However, even if a decline occurs, the long term support should force the pair higher.
Long
by UnknownUnicorn890690
CAD/JPY reaches short term resistanceRecently the Canadian Dollar bounced off a dominant channel up pattern’s lower trend line against the Japanese Yen. As a result of the rebound a short term ascending channel pattern has revealed itself. The pattern is set to guide the Loonie higher in its surge against the Japanese Yen. However, there is one issue. The dominant pattern is a much larger scale than the junior pattern, which means that something is missing. The missing part is a medium scale pattern. It is most likely going to reveal itself in the near future. Meanwhile, in regards to the short term, the weekly R2 at 88.6730 is the next target for the currency exchange rate.
Short
by UnknownUnicorn890690
EUR/CAD Guided by the medium term patternThe review of the EUR/CAD pair is done due to the demand of traders. Traders want to trade this pair, as it is one of the options to use to trade the Euro without the US Dollar’s fundamental influence. However, the recent surge of the common European currency can not be mapped in a pattern against the Canadian Dollar. Instead the fact that the pair should head to the upper trend line of a medium scale channel up pattern could be used for guidance. In accordance with the hypothesis, the rate should soon rebound against the weekly R1 and the 50.00% Fibo at the 1.4950 mark and continue to surge above the 1.50 level.
Long
by UnknownUnicorn890690
USD/CAD breaks junior patternThe previous forecast for the USD/CAD pair was wrong on one account. The pair did not need the additional support of the weekly S1 at 1.25 mark to break the junior patterns resistance. After dropping on the release of the Canadian Retail Sales on Tuesday the currency exchange rate found support in the lower trend line of the dominant pattern. The support was strong enough to propel the rate through the resistance of the junior pattern and the 55-hour SMA. In regards to the short term future, the pair needs to break past the 100-hour SMA at 1.26 mark to surge up to the strong resistance cluster near the 1.2640 mark.
Long
by UnknownUnicorn890690
USD/CAD in consolidation on MondayAfter the huge fundamental drop on Friday the USD/CAD currency pair began a short term period of surge. However, the ascent of the Greenback against the Canadian Dollar is highly unlikely. The pair is set to face the resistance of a descending channel pattern and the 55-hour simple moving average at the 1.2620 mark. Afterwards, the decline of the US Dollar against the Loonie is most likely going to continue. In that scenario the currency exchange rate would reach for the next closest support level, which already on Monday was located at the 1.25 mark. At that level the support of the channel and the weekly S1 were located at. However, the pair faces a long term support line, which might stop the decline.
by UnknownUnicorn890690
USDCAD IdeaI'm really interesting in USDCAD pair right now. I set a long position and here is why. The US Dollar strength. After the previous week NFP release we see a strength on the US Dollar. US Dollar was in low level five months in a row, right now it's time to move higher as US economy seems to rise. Canadian Home Prices As referred in Bloomberg www.bloomberg.com toronto home prices suffer worst monthly decline in 17 years. This is a strong new that anyone could ignore for the next weeks in Canadian Market. Order Book Let's take a look at Oanda Order book ( imgur.com ) this give us a different perspective! I'm waiting to grab 20 pips from this trade. NEVER RISK MORE THAN 2% OF YOUR CAPITAL.
Long
by PanosAngelopoulos
USD/CAD breaks long term patternThe previous forecast for the USD/CAD pair has not come into reality. The pair has broken the upper trend line of the long term ascending channel pattern during the early hours of Thursday’s trading session. However, by the middle of the day’s trading session the pair had changed direction and retreated to find support in the previously active resistance line. As a result of the observation and some drawing, the Dukascopy Research tem discovered that that point was crossed by a medium term ascending channel pattern’s upper trend line. The trend line can be also used to set a parallel line for the purpose of observing the ascending medium term trend. In the near future, if the support is provided to the rate, and the 55-hour SMA approaches from the downside, a surge up to the 1.2635 mark will occur.
Long
by UnknownUnicorn890690
EUR/CAD 4H Chart: Channel UpThe common European currency recently passed a significant cluster of resistance against the Canadian Dollar. The cluster is made up of the 61.80% Fibonacci retracement level of the 2015 low and 2016 high levels and the monthly R1. Both of these levels of significance are located near the 1.4920 mark. However, they have begun to provide support in the pair’s efforts to surge. Meanwhile, resistance is still being provided by the upper trend line of a ascending channel pattern, which has guided the pair for almost half a month. If both, the resistance and support hold their ground, the currency exchange rate is most likely going to form a new ascending pattern, which would have a 45 degree incline.
Long
by UnknownUnicorn890690
CAD/CHF LONG TO 7700!Canadian swiss franc has two major horizontal levels. Price action looks like it might break horizontal level upwards and range between 7300-7700. It's had a very nice bullish run this week, however, it is important to wait for the daily candle to close above the horizontal resistance. RSI has reset and still has more room to move upwards. It also broke the curve line and retested it. Nice crossover on the stoch as well. buy and lets aim for 7725.00. Ideas always welcome. Let me know what you everyone thinks.
Long
by minthooka
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