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Loonie

USDCAD TEXTBOOK WXY-PATTERN SHOWS BIG FALL IS COMINGThe chart says it all. 5 Wave impuls lower was followed by an impressive 10 month long textbook WXY correction pattern that is currently coming to an end. Wait for the market to form a Lower High maybe around 1.3400 and enter a sell targeting the 1.25 lows. Dont rush the entry, wait for it to form some kind of topping pattern on the 4H chart for example. Note: on the montly chart there is a textbook spinning top forming. This is a very bearish topping pattern.
Short
by IamJeanPaul
1
USD/CAD BREAK AND RETESTFX:USDCAD The rate has broken the 2016 falling trendline and is now testing it as the new support. As it has formed a hammer at the former resistance and we are still trading within the rising channel I am more bullish here as long as we are trading above the former trendline. The immediate attention should be turned to the 1.3575 level as the rate seems to have found a strong resistance there. A break back below the trendline would invalidate my immediate bullish bias, however, only a break below 1.3100 would turn me bearish on the pair. We also have to monitor the Oil prices which has just broken the major 51.50 level and continued strength there may build a momentum for the loonie, dragging the USD/CAD down.
by TradeItSimple
USDCAD Correction and Gartley Complete: Selling the PullbackHey traders! The bearish move toward gartley completion carried out as predicted and we now have a complete five wave impulse structure. I want to see some bullish price action before continued bearish movement. Therefor, I will be selling the pullback to the trendline violation area. I will likely be using this position as a hedge for the EURUSD 4H short position to limit USD exposure. Check out the related idea for more on that trade. Updates to come with entry/exits!
Short
by glennmercer
4
USDCAD Trendline Breakout: Sell Wave-(v) to GartleyHey traders! I like a short position here as we're riding a trendline and there's a missed pivot below price. On the daily chart, we have a big bearish candle following a pinbar, a clearcut reversal pattern. I want to be short on the pullback toward the completion of a Gartley pattern. If price breaches SL but does not hit invalidation level, I may re-enter depending on price action. After target is achieved, I want to continue short toward missed weekly pivot unless price action shows signs of bullishness. Happy trading!
Short
by glennmercer
7