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Loonie

Loonie in a descending TriangleBy Andria Pichidi USDCAD, Daily The Dollar majors have been plying narrow ranges in very thin conditions, with European centres remaining closed, along with Hong Kong and Australia, among others. The Euro lifted moderately,while USDJPY has been in directional stasis and Cable has remained settled near 1.3000. However Antipodeans along with Loonie have been seeing some movement. USDCAD edged at 1.3355, with the Canadian Dollar firming concomitantly with a rise in Oil prices on news that the US is clamping down on curtailing exports of Iranian exports. The bigger picture of the USDCAD though holds in the upside as the asset has been trading within an upwards channel for more than 2 years now. However the latest descending triangle, which has been identified in the daily chart since early March, is giving us some doubts regarding an upside movement at least in the near term. However the positive bias is supported not only by the 2-year up-channel, but also by the fact that the asset holds above 20-, 50- and 200-day SMA. Hence, as overall bias remains strongly positive, a flip to the downside could be triggered on the break below the 1.3350 (confluence of 20-day SMA and also today’s low). This could suggest the retest of the 50-day SMA but also the bottom of the descending triangle, between the 1.3300-1.3318 area. On the upside, the immediate resistance holds at Friday’s high, at 1.3392. Next Resistance is set at 1.3400, which is considered to be a strong hurdle as it coincides with R1 of the day, the ceiling of the triangle but also month’s Resistance zone which has been retested 3 times so far. On the fundamental front, the Bank of Canada’s announcement (Wednesday) is the focal point of an otherwise thin calendar this week. A steady 1.75% policy setting is widely anticipated. As for the growth and inflation outlook, a repeat of the cautious optimism that has prevailed so far this year is expected. Recent economic data has been consistent with the BoC’s view that the expansion will resume in the second half of this year after the current “detour.” While the flow of data has, in our view, eliminated the previously slim chance of a rate cut this year, ample uncertainty over the growth and inflation outlook remains, keeping the outlook for steady policy intact. Our projection remains for a rate hike late in 2020. In general, the focus this week will be on fresh signs that corroborate the return-to-growth picture in major global economies. A continuation of this theme would be supportive of currencies that performer with higher beta characteristics, such as the Dollar bloc units, while currencies of the low-yielding safe haven type, such as the Yen, would be apt to underperform. Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
by HotForex
1
USDCAD Sell - Top of Sym Tri and Supply ZoneUSDCAD rebounded strongly yesterday after strong demand appeared at the bottom of a 1-month symmetrical triangle. The price closed above the middle of the whole ranging structure signalling that the price may climb further. The price is likely to climb higher with some remaining demand and will retest the top of the symmetrical triangle where the price will face with very strong resistance. Wait for selling opportunity within the supply zone at 1.3420.
Short
by AlgoVenture
USD/CAD (What Do You Think?)View On USD/CAD (11 Apr 2019) One of the challenges we face as traders is dealing with uncertainty. We all love the comfort of certain trades aka obvious setups. The main problem is when the trade set up becomes very obvious, it is very likely that you are already late. Think about it and Do you still seek certainty? Back Ground: It is in the strong range mode since early March. Soon it shall show its real intention. I am expecting it to go down. No hurry. Take your time. Target(s): 1.322, 1.310. SHTF: 1.365 DYODD, all the best and read the disclaimer too. Feel Free to "Follow", press "LIKE" "Comment". Thank You! Legal Risk Disclosure: Trading foreign exchange or CFD on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor. DISCLAIMER: Any opinions, news, research, analyses, prices or other information discussed in this presentation or linked to from this presentation are provided as general market commentary and do not constitute investment advice. Sonicr Mastery Team does not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
Short
by SonicDeejay
USDCAD possible sell !!USD/CAD tested 1.3450 level two times in March but failed to sustain, reflecting a major resistance in this level. This pair currently using my purple line {which was support line} as a resistance line. The pair broke 0.382 fib level, downside 0.5 and 0.618 is target. So far on monday Canadian dollar seems much stronger after PMI and also BOC gov speech.. There is core durable news on usd tomorrow afternoon, so we can wait to see how this pair appreciate each other and look for another sniper entry point to sell like last week. Reminder for myself and all the Traders: use the correct risk management , cut your losses, dont revenge your trade, analyse the chart/market before you take any trade, slow and steady, consistency, quality of your trades not quantity.. then only we will see some good results. bless !!
Short
by Shourov_kk
USD/CAD (Trying hard to Break the resistant)View On USD/CAD (15 Mar 2019) Back Ground: We are at the resistant now and it is trying hard to push 1.343 to 1.345 region. It may succeed. Target(s): 1.349, 1.3595. SHTF: 1.32 should act as decent support. DYODD, all the best and read the disclaimer too. Feel Free to "Follow", press "LIKE" "Comment". Thank You! Legal Risk Disclosure: Trading foreign exchange or CFD on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor. DISCLAIMER: Any opinions, news, research, analyses, prices or other information discussed in this presentation or linked to from this presentation are provided as general market commentary and do not constitute investment advice. Sonicr Mastery Team does not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
Long
by SonicDeejay
CADJPY, LOONIE Might Break The Channel to Test 84.3000 Vs YEN Once the channel breaks together with the daily 50 EMA, we can expect the price to go north and test the weekly 50 EMA which lies at 84.300 level. the blue line support is derived from the monthly charts and its a concrete support which has been rejected and the price shows it might climb up. For this to happen the channel must break. This just represents my analysis of the pair, shall there be any updates in the future regarding trade entry i will post them in a new thread. cheers
Long
by FX618Analysis
USD/CAD Technical AnalysisUSD/CAD eases from 2-week tops. But This pair still struggling around 1.3420, below is support line 1.3390 and then to the March 13 and 15 high near 1.3370. Weakness below the 1.3400 mark could get easily extended towards the 1.3370-65 intermediate support en-route the 1.3335-30 region. Also we are expecting Dxy to go short. But wait for further confirmation during from begining of ny session. Good luck!! Enjoy the lovely weather Londoners ...) uk.tradingview.com
Short
by Shourov_kk
USD/CAD (Southern Bound)View On USD/CAD (15 Mar 2019) In mid/long term, USD/CAD shall go a lot lower but I do not really like the current price level. That will be better if we can take short from level such as 1.35. That will be perfect. Sooner or later, it shall go to 1.3261, 1.3229, 1.3166. DYODD, all the best and read the disclaimer too. Feel Free to "Follow", press "LIKE" "Comment". Thank You! Legal Risk Disclosure: Trading foreign exchange or CFD on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor. DISCLAIMER: Any opinions, news, research, analyses, prices or other information discussed in this presentation or linked to from this presentation are provided as general market commentary and do not constitute investment advice. Sonicr Mastery Team does not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
Short
by SonicDeejay