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Loonie

Bearish Trend The loonie is inside a bearish strong trend, we can clearly see it in bigger timeframes such as weekly and daily, now let s analyze the h4 chart: the price is capped by the 200 sma and is in the Supply zone (the orange rectangle), this zone is really strong because we see that it worked perfectly several times, in addition the stochastic has created the so-called Hidden divergence that shoudl push down the price, I will keep a bearish view until the bearish trendline and the moving average will not be broken and I expect the pair to go don to make new lows. Fundamentally we can notice that in last months oil prices went up and they are highly correlated with the value of the Canadian dollar wich is one of the main exporters, in addition yesterday Deputy governor Toni Gravelle highlighted that the reduction of monthly asset purchases is coming, and traders are now speculating that it could as early as April 2021. Gravelle stipulated that the process would be slow with gradual reductions in purchases in provincial debt, corporate debt and the main government bond programs. This tapering is likely to appreciate the value of the CAD, besides the Federal reserve will keep on suppporting the economy and the dollar will be under pressure again due to the fact that in the second part of the year the Inflation will not grow as high as expected previusly.
Short
by Dragon_Investments
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