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Loonie

USDCAD WEEKLY OUTLOOKHi everyone: USDCAD has been on my watch for quiet some time now. WE can tell the daily chart is way over extended without a proper pullback/correction. In order for it to continue to drop, it must pullback and form another lower high to continue downward. In the next few weeks, expect a bullish pullback to around 1.2900 level, then we are all going to enter a short position for a long term. I will be interesting in a bullish pullback, but main focus is the short once price action form a lower high on daily. Keep an eye on any potential long trade this week or next. Thank you for your support and feedback.
by jojofang0901
All eyes on the "loonie" (USDCAD)Earlier Fractology published its bullish view on USDCAD. We were wrong to expect an upside move that soon. As of now, Fractology does not change its bullish analysis and we keep on looking for buying opportunities. On the chart above there is a chance of forming an expanding ending diagonal which has no other choice but to resolve up. Secondly, any chart rejects the possibility of a price moving in a straight line without a decent correction. Therefore the lower the pair comes the higher we expect a retracement. Fractology recommends having a look at NZDCAD which has a similar setup and might surge up this week.
Long
by AleksandrLombrozo
1
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