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Loonie

CADJPY Not an overall reversal but prolly retracement?BOC coming near and most of the currencies having this comdoll as a base or counter losing against the other side currency example FOREXCOM:USDCAD , it all give us some hint that market participant was dumbing loonie before its meeting. It may have retracement upward but overall deciding for now the overall market reversal might have fewer chances before the BOC meeting which market participants aren't feeling good about seeing the market sentiment on this cross pair we can say. We can have an eye on this pair this new week and examine how price action behaves. Technically those red and green lines on the chart are areas of interest which serve as support and resistance and those level hold some weigh as the price will respect them. Talking with weekly pivot point man! price was too savage last Friday which breached through weekly s3 of the pivot. Price taking breath for now @ 80.68 and it seems more then half % has already been priced in before the BOC meeting by market players at this point which let me think at least once that 80.68 level might hold price for a while and short retracement upward around 30.20% Fibonacci retracement level or even 50% might be a scenario depending on how market players sentiment changes between the time horizon of current to actual meeting release of BOC. Are you a range-bound market environment lover? Honestly, did you care about the light blue rectangle box yet? hehe.. :) If price repeats or respect this market environment man it will add some sugar on this retracement plan! Break lower with strong bearish momentum from 80.68 or 80.079 should signal us weak comdoll and further continuation lower of price ignoring the retracement probabilities.
Long
by Anatta0
4
WAIT before a shortHello traders, usdcad is developing wave 5 and I think that it will at least reach the red resistance that I drew on the chart, if oil should go down usdcad could break the resistance; In the larger picture (DAILY CHART) there is a downtrend but the price broke a speedline demonstrating a new bullish strength. In addition the shor term trend is bullish and there is a sort of "cup" formation which could push up the price. Retail traders are 88% short so there are chances for new gains for the pair: remeber you must never trade in the same retail traders' s direction. I ll keep you updated and do NOT open short trades until wave 5.
by Dragon_Investments
1
Loonie, Look for another Buy So far exactly as forecasted 👍 Wait for a correction to find a buy setup again. Happy Trading & stay green! ✌️ ➖➖➖➖➖➖➖➖➖➖➖➖➖ 💬 Please let me know your view about the idea 🔗 Check out the "Related ideas..." in the links below too ➖➖➖➖➖➖➖➖➖➖➖➖➖ 📌 Note: The published ideas, are ONLY our views and analysis of the market. Forexian does not take any responsibility for your decisions based on your strategy.
Long
by Forexian
CADJPY Reversal Chart Pattern For Sure?!Risk appetite appears to have improved somewhat during the Asian session, and the Loonie has been the strongest among the comdoll bunch. This is likely because the commodity currency is having some strength after Canadian data and a pickup in crude oil as well. After all, there are speculations that the OPEC could consider an increase in output cuts or at least an extension of their agreement in order to prop prices up. On the flip side, the LYSH yen is losing ground to risk-on flows while also facing the possibility of a Q4 GDP contraction. With that, I’m looking at this inverted head and shoulders breakout on CAD/JPY, especially since the pair appears to be making a retest of the broken neckline. If you think that this reversal is about to gain friction from here, shorting in at market with a stop that’s enough to weather the pair’s average daily volatility 50.3 pips could be a good play.
by Anatta0