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Loonie

USDCAD - WEEKLY PREDICTIONThe Loonie has been in a strong downtrend on the higher timeframes ever since the March crash. However, we're approaching key MAJOR support and this is where the higher timeframes will be key. We have weekly support but a weekly descending trendline. Which will break first? Only the market will tell us. What we're looking at here, is the Head and Shoulders on the Daily timeframe and looking for the break and retest of the neckline down to test out that weekly support. Any buys only work with a break above the 61.8% fib AND the weekly trendline, keeping our eyes on how price progresses and if it starts to wick back to entry towards the end of the week, we will close at breakeven for buys.
by RealistFX
Fractal failurePrice failed to complete a fractal on 2 weekly chart and is moving away from it. Things started to go wrong in July last year...something to do with Brexit and this "wrong bias" keeps going... We see accumulation above the failed fractal and price is likely to push higher making higher high. THIS IS NO TRADE SETUP BUT GENERAL OUTLOOK TO IDENTIFY LONG TERM BIAS. as many cant make sense of whats going on with this messy pair. Top Absolute Correlation 1 WEEK 1 EURGBP - GBPCHF -93.6% 2 EURGBP - EURCAD 90.3% 3 EURGBP - GBPSEK -88.5% 4 EURGBP - EURSGD 86.0% 5 EURGBP - XAUGBP 84.9% 6 EURGBP - CADCHF -83.9% 7 EURGBP - EURMXN 83.8% 8 EURGBP - CHFSGD 83.6% 9 EURGBP - NOKSEK -83.5% 10 EURGBP - USDRUB 82.4%
Long
by ICFX
USD/CAD Loonie - Long and short term view. USDCAD - Technical and Fundamental View: Dollar Fundamentals view: - Either way there will be further stimulus I am longer term bearish on the Loonie. - We do have the elections, if Trump goes through and depending on takes over the senate as well is key there will be further reflation trades that will be very interesting to keep in mind and I expect energy commodities to gain further momentum. However, if Biden comes in a short term Dollar decrease would be in play until, focused further would be short term view perhaps - I'd be eyeing the tech stocks, I don't expect that to rise further due to the tax views and various other aspects. - Stimulus, I am not very sure if it's getting personal behind close doors regarding stimulus- However, people are unfortunately running out of capital and facing hardship - I think there will be a deal it won't be written off. However, to keep in mind - Where is the stimulus allocated as in what sectors and how much. - Keep an eye on all CB - Central banks. Technical view: - Pattern: Wedge formation, within a longer term descending channel - If we get further dollar strength I'd expect the 200 EMA to come into play again - those areas look like a good resistance area and keep in mind longer term bearish channel. - If we get further dollar weakness, I'd expect it to follow bearish channel areas - Longer term targets near 161.8 Fib retracement area - 1.28-1.27 areas. - Key resistance areas - 50 - EMA = 1.32385 to 200 - EMA = 1.33812. - Key support areas - 1.30338, 1.29066 & 1.27856. Key Tips: - We are in a fundamental headline driven market two things to keep in mind - Elections & Stimulus. - Trade smaller size if you're feeling at unease. All the best, Trade Journal (TJ)
by Trade_Journal
USDCAD - WEEKLY OUTLOOKSo we always try to have a plan for both sells and buys but the #loonie looks long here. It's currently sitting just above one of the strongest levels of support I've ever seen: Key Key psychological 1.30 level Weekly 61.8% Fib Retracement! (WEEKLY FROM JUNE 2017 SWING LOW!!!) Previous September lows when the DXY was crumbling couldn't break this level! So as far as sells goes, unless we see an intra day technical validation, we won't be selling this week. See arrows for 2 buy options! Trade safe with the election incoming!
Long
by RealistFX
GoldCartel - Is Loonie ready for a breakout? or falling deeper?Here's the link to see the beginning of this analysis: Follow up analysis: So far, so good. Currently, my analysis and targets remain the same, I reckon if it can stay below the major daily trendline, USD will keep falling deeper to 1.295, and my final long-term target would be at 1.272 zones. There's also a potential bear flag on H4 Time-frame, a great sign of a bearish continuation. Catalyst: - US Sales data - US EIA - FOMC - US ADP - US Jobless claims - CAD Core Retail Sales - US CB leading index
Short
by GoldCartel
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