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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
A Turning Point for USDCAD?The recent risk rally has encouraged commodity currencies higher. As crude ignores the globalized downturn in economic output and ongoing "pump at all costs" mantra of producers, the Canadian dollar has hit a three-month high against the dollar. Crude aside, traders have also factored in the fact that the potential for a rate cut from the Bank of Canada had dropped from 60 to 32 percent. Nevertheless, on a macro-standpoint, the slowdown in both the US and Canadian economies will strengthen; and traders could ditch the loonie for the save-haven greenback. The recent strength in the CAD does allow a more balance, two-way market. We are likely to see the USDCAD continue trending lower until risk appetite wanes. Price action has broken the upward trend that has lasted since May 2015. Support at 1.34 will likely be challenged prior to testing the 200-day EMA. The 20-day EMA has bearishly crossed the 50- and about to cross the 72-day EMA. The only problem I see with the current down move is: volume is increasingly dropping off and the pair is no longer overbought on longer time frames. This could cause traders to re-enter longs if the risk environment wanes causing a move back to 1.3770. Sentiment around crude and equities will remain important. Please feel free to comment and share charts! And follow me @Lemieux_26 Check my posts out at: bullion.directory www.investing.com www.teachingcurrencytrading.com oilpro.com
by CommoditiesTrader
1
Look For A Solid EURCAD Short SetupLook for a short trade setup in EURCAD over the next two days, preferably on Feb 22nd around 13:00 GMT or Feb 23rd around 17:00 GMT. Price should stall out around the 50% Fibonacci retracement which coincides with the 3rd square root from the most recent low of 1.51402 set on Feb 18th. Should EURCAD run up to these levels it could stall out presenting a nice short opportunity around 1.55274. A stop of 231.0 Pips, the average true range, could be used as your stop, more aggressive traders may want to use a stop of 1.5x to 2x the average true range. After getting short look for a move back down to 1.53230 - 1.52600 area yielding a solid return. Here at Unique Forex we combine our team's 40+ years of trading experience with our proprietary algorithm to 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 If you want to join our trading team check out 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 and Meerkat both @unique4x
Short
by unique4x
9