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Loonie

Euro violent drop, Canada dollar violent rallyEach of these currency has been moving significantly, and you can see on the EURCAD chart that after a period of lower highs and lower lows bulls finally gave up and it looks like the price is capitulating. The Canadian dollar is in strong demand following the majestic surge of Oil that is still going on, it just made a new high, the most violent surge in months. The Euro is still a pyramid scheme going to zero, no reason for it to go up significantly just yet. The ECB has a meeting the 11. The Yen has been getting crushed against the USD and is underappreciated at the moment, I don't see it reverting in v shape without an extreme fall in valuation. A good potential short on EURCAD, perhaps long CADJPY too (part of the same trade / same risk exposure). I expect the price of EURCAD to continue down to 1.485, or as fake experts would say, something super specific, "the price target will be 1.48463".
Short
by MrRenev
2
USD/CAD Bullish ABCD--- Online JournalI wanted to post this chart as a reminder to myself and others of what not to do. I drew this ABCD pattern last week some time and then the pattern software picked it up later, but notice ho PA came down and tested the PRZ and the rocketed the he__ out of there. this is an example of a type 1 trade by Carney's definition. price comes in stabs the PRZ and leaves and never comes back. as a harmonic trader these trades are the nightmare for the system. Why? Because, you find yourself chasing the trade the entire time, and then you go from a 2:1, 3:1, or even 5:1 RR to a quick 1:1 or less RR just to have it retest the area to blow your stops out and move on up some more. I have done some significant damage to my account chasing these type of trades. So, this is a reminder to myself namely to DONT CHASE A TRADE. wait for the right set up. look for some consolidation or some indecision and then trade. Let the pair allow you to catch it, don't case it. The system works if I (or you if youre reading this) work it properly. Also, if there is a lot of news swirling around wait for the market to clam back down. when there is a lot of news coming out because of XYZ event the markets act irrational will blow patterns, harmonics, S&R levels, Supply/Demand levels, and etc. out of the water. The market acts irrationally in a rational manner, its a nightmare when the market acts irrational... irrationally. to my future self, this is your past self and you got this. the system works and you know it works. if you doubt yourself go back thorough our past ideas and see how well it works. if you are losing alot of trades ask if the market is acting irrationally in a rational manner or is it acting irrationally in an irrational manner? are we forcing trades? are we chasing trades? if so stop, because if not that money lost will not be there for when the right trade presents itself AGAIN later in the future when the market is acting like its normal self. If youre not me and you found this helpful great! if youre not me and found this NOT helpful...okay... so what?! ;) Happy Trading Future R.Guy and other traders!
Long
by ARegularGuy
USD/CAD – Week 7 – “The Loonie” undecided yet.Friday’s stats didn’t have a big impact on the “Loonie”, as the price moved corrective for the whole week. We consider this consolidation to potentially be the trigger for a bullish move that can push the price towards the $1.30 area. However, the pair can go on and create a new low, but our focus will remain on the bullish move. Don’t forget to be patient and don’t jump in any trade without a proper setup. Trade with care. Best regards, Financial Flagship Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
Long
by financialflagship
USDCAD 4th leg up and 5th leg downPlaying with some ideas, not a trade to copy - testing key levels as part of a bigger picture. Hence up to then drop down. Disclaimer This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
Long
by Mayfair_Ventures
USDCAD Conflicting CluesLast Friday we had unemployment figures from both Canada and the US. Below were the results. USA - Average Hourly Earnings (YoY): 5.4% USA - Nonfarm Payrolls: 49K USA - Unemployment Rate: 6.3% CAD - Employment Change: -212.8K CAD - Unemployment Rate: 9.4% Here you can see the US reported their unemployment rate at 6.3% signaling a nice improvement, following a not so nice NFP report with only 49k new jobs. On the other ide of this pair, Canada reported a much higher Unemployment figure at 9.4%. The initial reaction with USDCAD was bullish but then as the trading session progressed this pair continued getting weaker. Some key drivers heading into this week include: Earnings, Stimulus, Core CPI (Wednesday) US Federal Budget d (Wednesday) Fed Monetary Policy Report (Thursday) and perhaps some further CAD strength if Oil Continues it's bullish path towards $60. As we know, certainty surrounding additional stimulus supports a stronger equity market and thus drives the TVC:DXY lower. On a technical basis, the pair is indicating some strange behavioral patterns such as the convergence seen here on the daily chart. RSI did manage to close below 50 heading into Friday's close. A close below 50 does indicate that we could be heading lower but if you take a closer look how the 50 level behaved with this pair, you'll many instances when that may have been a misleading clue.. Needless to say, holding below 50 is taken into minor consideration, but we should also monitor the next 2 major fib levels such as the 50% and 61.8% illustrated on the chart. Key clues regarding the direction of this pair should include keeping a close tabs on the TVC:DXY TVC:SPX TVC:NDX TVC:VIX and of course overall market sentiment. Trading Recommendations == keep bullish trading activities light with this pair considering we may still see some further bearish downside == keep shorts limited as well considering there very well could be some upside towards 1.30 ------------------------- Please don't forget to FOLLOW, LIKE, and COMMENT ... If you like my analysis:) Trade Safe - Trade Well Regards, Michael Harding 😎 Chief Technical Strategist @ LEFTURN Inc. RISK DISCLAIMER Information and opinions contained with this post are for educational purposes and do not constitute trading recommendations. Trading Forex on margin carries a high level of risk and may not be suitable for all investors. Before deciding to invest in Forex you should consider your knowledge, investment objectives, and your risk appetite. Only trade/invest with funds you can afford to lose.
by Michael_Harding
1
USDCAD - What's next!?Loonie - USDCAD - Trade idea! It's called Loonie for reason, not my favourite pair but I do great potential both sides of this trade idea. This will be very interesting as we had great amount of energy from WSB dominating the market, will it be the same this week? I suppose it - Equites will decline further will given the headlines out: JPMorgan to pay $920 million for manipulating precious metals, treasury market! Technical aspects of Silver does look very attractive. I will post that idea privately - If you're interesting in XAGUSD Silver developments message privately for my aspects. Fundamental Aspects: The data-flow in Canada has continued to be on the positive side as the monthly GDP numbers for November showed a 0.7% increase, this week data jobs market data come into focus. Canadian employment numbers have outperformed and any improvements on the OPEC members meeting will be interesting that could shift CAD in either direction. Technical Aspect: Pattern: Ascending Wedge (Medium term) Double top (Short term) Support: 1.27550, 1.27405, 1.27000, Resistance: 1.28360, 1.28800, 1.29285, 1.29860 Short term: Double top developed measured taking it towards a nice support area of Ascending Wedge to take long opportunity. How could you play the trade: - You should take the short side to support areas with confluence of pattern in play short term - Enter at nice support areas once confirmed This all depends on your trade plan execution. Key Tip: The internet is a wonderful gift and time is too, combine both can generate great amount of wealth if used wisely. Have a great week ahead Best wishes, Trade Journal (Just trade ideas, not a recommendation)
by Trade_Journal