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Loonie

USDCAD Triangle ShortI have had a few posts in the recent past, looking for the long side of USDCAD to formulate out of this triangle. As I mentioned in my last post, the larger time frame and pattern will eventually rule over the shorter one. Luckily, I haven't lost too much on the long side of this pair. I'm going to look into this set up: Pattern: 20 wk triangle Trade: Short Units: 26k Basis Point Risk: 50 basis points (for now) Entry: 1.2850 (upon close) SL: TBD, but will use Last Day Rule TP: 1.2029 I am fully aware of the monthly support from 1.26170 to 1.2452. I am also aware of the larger H&S pattern on the weekly chart of this pair as well, if we get PA to the downside. Let me know what you guys think and if you're waiting for something else.
Short
by Benji
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
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