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Loonie

USD/CAD Breakout of channel short term setupThe recent breakout of the loonie from an exasperatingly stretched descending channel at ~ 1.27, gives hope for some upside. This is a projection of a possible rally following a basic elliot wave path calibrated with fibonacci levels. Shortly after the open this coming week I'll wait for a pullback and then enter long as shown with target at ~ 1.32. This position will obviously need confirmation of the dollar sustaining its current rebound and the fed remaining slightly hawkish with regard to a possible June hike. Moreover, oil prices will have to remain rangebound and not see violent upswings for this setup to work.
Long
by LotsOfLore
3
Correlation Trade Setting Up Between EURCAD & USDCADCurrent spread is 550 Pips, the widest since mid June 2015. We will be going Long USDCAD & Short EURCAD These pairs have been 70% to 96% correlated during the past year. Since they have been recently become uncorrelated we expect the correlation to return shortly. EURCAD is approximately 25% more volatile than USDCAD therefore your position size for EURCAD should be approximately 70% - 80% your USDCAD position size. Our algorithm is showing an 89% chance of USDCAD rising over the next 1 - 2 weeks.
Long
by unique4x
Won't Be Surprised To See EURCAD Breakdown SoonEURCAD is forming a wedge/triangle on this daily chart. Of course price can breakout in either direction but I won't be surprised to see it break to the downside. Relative Strength Divergence is indicating this pair wants to run lower. Keep an eye over the next few days and into next week. We will wait for a daily close below or above one of the trendlines before taking action. Here at Unique Forex we pride ourselves in being the World’s first “Virtual Forex Trading Floor” where we will turn ANYONE that trades with us into a profitable trader fir FREE! That’s right…for FREE! All you need to do is to fund your own trading account. Unique Forex has a team with 40+ years combined trading experience and with our proprietary algorithm we significantly enhance the trading experience. Utilizing the two, we are able to offer some of the most powerful research on an array of currency pairs. Here you will get all of our research on some of the more popular majors like the EURUSD, but if you would like to get access to the rest of our research head over to www.unique4xpro.com You can get a free trial to our signal service at www.unique4xpro.com Also follow us on all of our social media: Twitter @unique4x Snapchat @uniqueforex Instagram @uniqueforex Tune in to our daily live market insight @ 4:30 p.m. EST on Periscope @unique4x
Short
by unique4x