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Loonie

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
How much higher will the USDCAD go?It seems nothing can stop the USDCAD rally. Crude oil highs? Nope. Great data releases? Nope. American jobs below expections? Nope. 1.33 technical level resistance and supply? Perhaps, though will likely breach with current momentum. Fed intransigence on raising rates? Nope. There seems to be simply an impulse higher on a Canadian interest rate cut possibility and low growth issues. However, with these factors having been built into the price for some time now, this move seems overdone and technical indicators such as CCI saying the price is now overbought. Notice the reversal of the price at every CCI breakout. So how much higher will the price go? Well, it seems to be bouncing off a former supper line that's now turned resistance. It has been trading in a loudspeaker pattern since August. I see this resistance line being the point at which the CAD reverses and heads back down to important levels of support. The only challenge to this forecast is a determined move above the 200 MA and the move about former horizontal resistance at 1.32. Long term, I see the loonie continue to appreciate with crude oil producing a very clear reverse head and shoulders pattern. It may seem nothing can stop CAD depreciation, but this volatile currency hasn't changed its fundamental character. Joshua Brown www.thealphagenerator.com
Short
by maccabean