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Loonie

Loonie:Plenty of Canada data: U/C chooses channel or H&S pattern- Fundamental Analysis This week, Canada should play a main actor on the FX stage with plenty of economic data. - Canada GDP - RBC Manufacturing PMI - BOC Meeting - Canada Employement report I think those are last pieces of Canada in this financial year; after this week, BOC members would shut down their computers and book the ticket for Chirstmas holiday. Canada economic data in November were mixed with stronger expect of employment data and CPI but lackluster in Ivey PMI, Retail Sales and Wholesale Sales. Hence, I don't think BOC will do something in this meeting. It's very surprised if BOC talk about rate cut because there is no room for any rate cut; however, they will leave an open door for more measure if necessary. This financial year should end for BOC. - Canada employment report is important to watch, but it is released at the same time with NFP, likely it would be shadowed by US data. If NFP is positive, and Canada employment report is positive, market chooses NFP to react, if NFP is negative, and Canada employment report is positive, markets chooses Canada data, if both data are negative, market chooses NFP. Simply. The key point I want to talk is oil price. When SU-24 incident was over, market will back to the Fundamental to trade oil. The supply surplus is a biggest problem of OPEC currently; too many oil on the market right now, all oil export countries are trying to produce as much as possible despite of low price. Lower oil price, lower Loonie. Oil sends negative signals to Loonie, the only way to escape the impact of oil price is Canada shouldn't rely on oil industry, but it seems it's imposible. - Technical Analysis Last week, USDCAD tried to test the YEAR HIGH at 1.3450 but unfortunately the effort was failed. USDCAD was beat from the year high to below 1.3300 This week, with the return of data, I think USDCAD will try to retest YEAR HIGH one more time. I see an ascending channel I draw on the chart. And a potential head and shoulder pattern. So which one does Loonie choose to follow ? This is a tough question. I think to answer for that question, we should wait for two things: - Only USDCAD sets a firm stand above 1.3370 level, Channel is chosen. - Only USDCAD breaks the ascending channel, H&S is chosen. However, I like BUY than SELL USDCAD. I choose Channel. --------------------- F.B page: www.facebook.com tinyurl.com Web page: www.trackingforexsignals.com Twitter: twitter.com Contact: admin@trackingforexsignals.com Sforex Solution: Do the right thing – Think the right way
by Sforex
USDCAD H4 ABCD - simple as thatPotential AB=CD confluenced with low RSI(7) (actually very very low!) - I think somewhere here should be great time for bounce back. Limited support from S/R zones - couldn't find anything really strong. Also it should be noted that on higher timeframe there are some bigger correction 'objects' - one of them is 1.27 of ABCD of here - so there is some chance this fail, but still there will be another chance to enter trade on 1.27of AB (notice confluence with last bottom). Have a great weekend! Leszek
Long
by leszekstanislaw
1
USDCAD: Looking to short before the BoC news come outPrice has skyrocketed in the short term, but it's now up against a weekly downtrend mode resistance. The daily uptrend signal target has been exceeded ahead of time and it would seem like the right time to turn into a contrarian. Waiting for bearish signals to confirm this speculative bias. Rgmov is warning us already, showing no new highs diverging vs price. The profile shows it's slightly past the balance point, matching the weekly mode resistance area nicely. There is a daily uptrend in place, so tread carefully. Good luck! Ivan.
by IvanLabrie
15
USDCAD Long Trade Setup EstablishedThe US Dollar looks poised to continue higher against its Canadian counterpart after prices broke above resistance marked by Augusts’ swing top. It now looks like the pair is in the process of resuming the latest leg of its multi-year rising trend established from mid-May. Near-term resistance is at 1.3556, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis clears the way for a test of the 50% level at 1.3725. Alternatively, a reversal back below the 23.6% Fib at 1.3347 – now recast as support – opens the door for a challenge of the 14.6% level at 1.3218. Positioning now seems attractive for a USDCAD trade and longs can be taken, initially targeting 1.3556. A stop-loss will be activated on a daily close below 1.3332. Look to book profit on half of the position and trail the stop-loss to the breakeven level once the first objective is hit.
Long
by unique4x
Trade #18 USDCAD - Trading after the breakout. (Pending long)This is a close up at the late correction of USDCAD. I've identified as a 4th wave of 5 at daily timeframe, which is expected to go sideways for some moments. The entry is not aggressive as the projections leading price to the $1.35 in near future. Fundamentally it is quite possible as the recovery of the US economy and its 5-years-low-rate instigates a rate hike in near future compared to the canadian economy based partly on exportations low-priced commodities and recently lowered interest rates.
Long
by InsideMarket