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Loonie

LONG AUDCAD - Aussie Dollar pumping ironLong AUDCAD: Aussie Dollar is looking strong everywhere even against its highly correlated cousins the Kiwi and the Loonie. With AUDNZD already being risk free and half profit booked we can consider this opportunity, the measured target comes in just below the trend line, no doubt a trap for many technical traders. An incomplete bullish sequence means I am only interested in trading this higher, the trend here is clearly higher and that move higher appears to be incomplete so I am looking to buy at the bottom of the current pullback.
Long
by WaveRidr
2
USDCAD- Market structure. Last week USDCAD was in a counter trend pullback on a decline in oil prices. Price was in an ascending channel making higher highs and higher lows. A weak NFP report for USD caused the end of the rally closing the week at support and the bottom of the channel around 1.35. Start of this week price has already moved below the support making a new low at 1.34500 and bounced. A few scenarios to take place over the week are as follows and are related to the fundamentals of USD & CAD dollars and correlated mainly to the price of US Oil: Technical Analysis: There are 3 possible scenarios: 1) Oil up > USDCAD down. 2) Oil falls to support @ $46 then rises > UCAD rises to resistance at 1.35500 and falls (double top reversal pattern). 3) Oil continues to slide below $46 to $45 > UCAD tests the major supply zone (not yet tested), if Oil breaks these zones UCAD will start another uptrend making HH and HL. Fundamental Analysis: 1) Weaker dollar (Weak NFP, Weak Data, Lower chance of FED rate hike, geopolitical issues (terrorism), etc). 2) CAD news (news this week for CAD, should be better than previous news releases, waiting on pending data to be released.) 3) Oil prices (OPEC continuing to slash production for another 9 months, if oil inventories are continuing to fall Oil should rise). Trying to get oil back to $50/barrel.
by nick.trader4
The beginning of a new uptrend? Hello Traders, The previous week offered a decent intra-week opportunity for me to short oil for a 2 day hold on the short (covered on Friday at daily 200 MA). Now on to longer time-frame opportunities with oil and oil related assets. Overlaid on the chart is an area chart of WTI Crude Oil (ticker: /CL). With the potential for further weakness in the black gold we can see the Canadian Dollar trade lower thus pushing USD/CAD above 1.3600 opening the way for the currency pair to trade back up to 1.400 - 1.4500 continuing the trend higher. Keep an eye on crude breaking/bouncing on the ascending trend-line and daily 200 MA. The trade: No position until we get Daily close above 1.3600. Upon a break I'm committing 1% risk to the position. Stop placement will be determined upon a break above 1.3600. Moving Averages: We remain bullish on the bullish 10EMA/50MA crossover. Trading well above Weekly 200 MA. "A man does note have to marry one side of the market till death do them part." - Edwin Lefèvre Monthly Bar Chart: Daily Bar Chart:
by Daniel.B