Get started

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
EUR/CAD testing trend line resistanceThis is something that I just spotted that merits a bit of attention today. The CAD has of course been weak given the recent rate cut by the Bank of Canada on top of the fall in oil prices. Meanwhile the euro is holding well with renewed capital inflows into Eurozone equities markets plus the Greek vote that just went through. Technicals don't necessarily point to a downside risk at this point, but I'd be a little cautious below 1.43. There is easily room for a pullback to the 1.40 level, but let's wait to see at least how things shape up this afternoon (and with the daily close tonight).
by ABRAK75
2
Await New Signal USDCADUSD/CAD is trading below the resistance at 1.2570 (04/15/2015 high). Support can be found at 1.2368 (06/02/2015 low). Nonetheless, we do not see the stronger hourly support at 1.2305 to be tested anytime soon. In the longer term, the break of the key support at 1.2352 (02/03/2015 low) indicates increasing selling pressures, which favors further medium-term weakness. As a result, a significant top has likely been made at 1.2835 (03/18/2015 high). Support can be found at 1.1731 (01/06/2015 low). Await New Signal
by unique4x
Wedge Pattern Forming On EURCAD, Could Be Long or Short TradeA nice wedge pattern is forming on the 4 hour chart of EURCAD, it's actually forming with two different lower trendlines extending to different times. This pair could break either way although our algorithm is indicating a move higher. We will be ready to take action on a break of either the higher or lower trendline by 10-20 Pips. A trade can be taken with a break of the shorter lower trendline but ultimately we want to see the longer lower trendline be taken out for a short position. Keep in mind the 1.38000 level on the daily chart is key and acting as very strong resistance.
Long
by unique4x
Putting CAD/JPY & GBP/JPY Correlation Back On AgainThe Trade: Long CAD/JPY & Short GBP/JPY The correlation between these two pairs is 77% over the past year. The widest the spread has got over that time is about 800 Pips. Currently these two pairs are 620 Pips apart. The GBP/JPY has enjoyed a nice run-up lately which may be stretched, bumping up against some near term resistance. With that said we will be entering 1/2 our intended position size with the intentions of easing into the second half if the spread widens significantly. We expect to see this spread narrow over the coming days/weeks. If it happens before we can put our entire position on we will feel comfortable closing out the position with a profit of any amount.
Long
by unique4x
1
Correlation Trade Between CAD/JPY & GBP/JPY*Position Update: As of 05/19/2015 @ 7:33 EST The Global Currency Scalper closed out both sides of this correlation trade with 112.2 Pips. The Trade: Long CAD/JPY & Short GBP/JPY The correlation between these two pairs is 77% over the past year. The widest the spread has got over that time is about 800 Pips. Currently these two pairs are 600 Pips apart. The GBP/JPY has enjoyed a nice run-up lately which may be stretched, bumping up against some near term resistance. With that said we will be entering 1/2 our intended position size with the intentions of easing into the second half if the spread widens significantly. We expect to see this spread narrow over the coming days/weeks. If it happens before we can put our entire position on we will feel comfortable closing out the position with a profit of any amount. Keep in mind there is a national holiday in Canada today with its banks closed. This idea was signaled from our cutting edge Unique Forex Forecasting Indicator which uses our proprietary algorithm to predict future price action. Unlike standard lagging indicators, ours gives forecasts in real-time. Anyone is welcome to try it for free at www.forextrading.unique4x.com
Long
by unique4x
1
Correlation Trade Between USD/CAD & USD/JPYThe trade: Long USD/CAD & Short USD/JPY. A nice correlation trade is setting up between USD/CAD & USD/JPY. The spread in the correlation is currently 600 Pips, over the past year the max spread has been approximately 1,200 Pips. We will be taking 1/4 our intended position size, if the spread continues to widen we will slowly add to our position. There is a good chance we see that happen over the next few days as the US & Canada both have unemployment numbers scheduled for release. If our timing happens to be accurate today and the spread begins to narrow before that data is released we will book our profit.
Long
by unique4x
1
A Nice Correlation Trade Is Setting Up Between AUD/JPY & CAD/JPY*Position Update: On 05/05/2015 we liquidated both sides of this correlation trade with a profit of 73.1 Pips while taking advantage of the correlation spread narrowing after the interest rate decision in Australia. A nice correlation trade is setting up between AUD/JPY & CAD/JPY. The spread in the correlation is currently 200 Pips, over the past year the max spread has been approximately 400 - 450 Pips. We will be taking 1/2 our intended position size, if the spread widens to that max spread mentioned above we will add the second 1/2. Australia is announcing interest rates in 3 hours which could provide that opportunity or present us with a profit. The trade is Long AUD/JPY & Short CAD/JPY.
Long
by unique4x