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Loonie

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
USDCAD is bullish, but watch out this springI'm overall bullish on the USDCAD (and have been since the end of 2012), but I see downside risk on this pair during the second quarter. 1.28 is a major resistance level that has held since January, and without a monthly break above this level in April, we might just see a correction lower in the coming months. I've noted a negative divergence in the weekly RSI (not pictured), suggesting that a break below 1.24 could signal the beginning of a move down towards 1.20 this spring. Even with such a correction, I would be looking for long opportunities around 1.18-1.20 for this summer. In the meantime, be mindful that the US dollar is at risk of further losses given the weak NFP data (on top of weak manufacturing sector data) in March. If 1.23-1.24 continues to hold by the end of the month, this may lessen the downside risk as the weekly divergence would theoretically be less strong. I would similarly be looking for long opportunities upon a confirmed monthly break above 1.28 (and continuation above 1.30). Such a signal would open the path for another bullish extension all the way up to 1.40-42 later this year.
Long
by ABRAK75
2
CADGBP POTENTIAL SHORT @~0.5360I messed up the original post for this so I am trying again. The Canadian Dollar has rebounded well against the British Pound leaving a bigger picture demand zone below @~0.5140. Price is now coming to an area where there might be a sharp decline away. This supply zone @~0.5360 is also the 50% pullback area of the original down move indicated by the red arrow. Price should fall away upon reaching that zone. Entry Point: 0.5360 Stop Loss: 0.5400 Profit Target 1: 0.5140 Risk: 40 pips Profit: 220 pips (5.5X Risk) Entry can be fine-tuned on the H1 timeframe for lower pip risk and greater profit margin as follows: Entry Point: 0.5365 Stop Loss: 0.5375 Profit Target 1: 0.5140 Risk: 10 pips Profit: 225 pips (22.5X Risk) Entry Point: 0.5382 Stop Loss: 0.5400 Profit Target 1: 0.5140 Risk: 18 pips Profit: 242 pips (13.4X Risk)
Short
by selfrighteousgambler
Supreme Confluence - CAD/JPY CAD/JPY has been in a dominant bearish trend since December 2014 as the breakdown in the Canadian Dollar, largely influenced by the crash of oil prices, has crippled the currency. January 2015 resulted in an absolutely massive bearish engulfing bar on CAD/JPY, February offered us a nice bullish pullback, and now we have the continuation pattern in play. We have supreme confluence on the weekly chart to short this pair starting next Monday -3/9/2015. USD Non-Farm Payrolls came out better than expected and CAD Trade Balance & Building Permits both printed terrible data. This was the catalyst for USD/CAD to break out of it's 1 month descending triangle and now we will witness the next round of punishment to the Canadian economy.
Short
by LoneWolfCapital
3
Choppy kiwi longsHistorical price action has been quite consistent and I see no reason otherwise for this to change at this time. Upside break of the weekly triangle should result in a re-test of resistance now turned support in which to initiate longs. I have longs at 0.8888 and at the aforementioned 0.9150 with a potential target of 0.9840. In both previous cases a nice 700 pip rally was up for the taking before a sharp reversal took place. Therefore make sure to trail stops accordingly. The sharp reversal low, also documented, looks like an excellent place to initiate longs once again. I prefer trading this pair long on the positive carry it will generate in addition to the capital gain. Also keep in mind that the Bank of Canada has just cut rates while kiwi rates remain buoyant on a strong economy. A really peachy set-up!
Long
by AgentSmith
1
Bullish trade on GBPCAD for 2015The GBPCAD cross looks like it's been consolidating with a flag-like movement since the start of 2014, and this may lead to an eventual bullish leg to fresh multi-annual highs in 2015. Fundamentally, I like being short the Loonie dollar as crude oil's plunge this year should lead to disinflationary pressures in Canada with a possibility of seeing the Bank of Canada revise it's inflation forecasts downward for the next year or so. Meanwhile, while the BoE maintains a cautious approach with regards to a rate hike, that lead to the bullish GBPCAD breakout in 2013, I believe that the British Pound will remain stable next year. This will likely lead to further gains for the GBPCAD cross, and I will be looking for a monthly break above 1.84 to start anticipating an acceleration to fresh highs above 1.8670 (Feb. 2014 highs). If this happens, I think we could see 1.92/93 CAD hit within a couple of months following a break above 1.8670.
Long
by ABRAK75
3