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USD/CAD

A likely bounce for USD/CAD sometime this weekUSD/CAD has fallen quite sharply since the beginning of the month, and prices are pulling back towards some technical levels that may provide support this week. Watch for signs of selling fatigue to set in around 1.2800/70. Note the daily RSI fairly close to 30 in a prevailing uptrend (this is just complementary info). If prices do bounce like I'm expecting, 1.3050 would be a good initial target. I'd really like to see a candlestick similar to that of July 29 where sellers are present during the European session but don't manage to hold buyers at bay during the North American session. The extent to which I hold a bullish biais on USD/CAD this week will be largely influenced by such price action.
Long
by ABRAK75
13
USD/CAD option B :pWell i tried drawing the elliot waves....and it seems it's a complex correction structure forming :).....Known as Inverted head & shoulder :). But We need a close above the inside bar candle that' currently not showing clearance to upside yet....So, I would wait for it to close above 1.2640 first. Than will try to buy it. Hint for USD/CAD==Crude Oil price :)....So, as we know crude Oil price is dropping hence it means CAD/JPY+CAD/CHF will weaken. As Greece deal is not clear yet....So, i will wait for Monday to resume trading :) Buy @1.2700 TP @ 1.2800 SL @ 1.2500
Long
by aslamhammad
2
Did USD/CAD just break its bearish trendline?Strategy: USD/CAD Long Yes it did. Oil is slowly selling off and reversing its recent bullish trend. The 5-6 high of 62.58 has since receded to below $60 and is slowly turning lower. The concern that low prices would knock out shale producers has been proven untrue and the glut of oil that has prices significantly lower than just a few years ago will continue. Price will slowly grind to the $50 area over the next several weeks. In addition, CAD economy is losing steam. On Wednesday Wholesale Sales numbers were a little weak. On Friday we will get Retail Sales and CPI number both of which will most likely show a weak consumer and little inflation. Similar USD numbers are also scheduled tomorrow and will have a similar result with the exception that cheaper gas will help the US consumer. With that perspective the market realizes USD/CAD needs to reverse and USD strength needs to reassert itself.
Long
by positionforex
USD/CAD: Bullish OutlookIn H1 TF I found a nice Acending Triangle Pattern, if break this triangle, I think this pair may be go to 1.30 level which is very strong resistance. And this pair is also in uptrend mode. We looking for Long position after break this above resistance line of triangle or after retrece from this resistance line. And put stop loss near swing low point of this pair. Our profit target should be at 1.2950 - 1.30 Level. If usd/cad pair did not break upper resistance line of triangle and return from this level we look for long positon near support line. So, keep eyes on this pair. Best of luck.
Long
by fxmentorbd
USDCAD / 4HR / GARTLEY PATTERNBUY ZONE CHANGED TO SELL ZONE (excuse my mistake) Great trading week, I hope everyone did alright with the USD news that hit on Friday. After the news had settled down, it set up a nice Gartley Pattern on the USD/CAD chart on the 4 hour period. As always, keeping an eye on our previous structure levels at 1.27777 - 1.23773 highlighted in black and about to close at current previous structure at 1.26406, we can assume that this is a nice countertrend point. After completion, we have the 127 extension along with the 786 fibonacci confluence - Because this is not lining up perfectly, we're going to default to the 127 extension. This is in direct corrolation with the RSI at the 80% oversold and the STOCH above overvalued. Please follow your Trading plan along with risk and money management, let's follow the standard rules with the Gartley Pattern and put our TP1 at 1.25383 and TP2 at 1.24805. Please follow and support Star Prosper trading, This is Philip Stewart
Short
by UnknownUnicorn168204
USD/CAD: Possible to create Bearich Gartley Butterfly in H4 TF 1.2665 is a very good resistance for usd/cad pair. And here also possible to complete bearish Gartley Butterlfy D point. Where I think this pair may going to down from this D level. So, I think we can take short position from 1.2665 level with 35-50 pips stop loss and our take profit target is 1.2565 level. If this pair did not respect this D level and break upward side and again retest this level, we can think to going Long. If we take long position our 1st profit target is at least 1.2790 level. So, keep eyes on this pair. Best of luck and hope for the best !!!
Short
by fxmentorbd
Dawn of Lucrative Channel(/trend) USD/CADBases: Fib. confluence with structure, Stoch RSI, Robust Trendline, momentum building, Stoch RSI14,14 2.92 on weekly chart. There was a channel, which was broken and stopped by a strong leg, but the trend is continuing, and after analyzing this chart, I think that it will form another channel. At the Level 1.06374 there is a lot of structure which is likely to not let the price fall below 1.0614, there also is the trend line and previous channels resistance line (good indicator for take profit orders) which is directing price up if criteria is fulfilled. IF ( EUR/USD = 1.0634 ) & forms a double or triple bottom making more resistance & if US Nonfarm Payrolls and US Unemployment Rate come out negative. ---> THEN i will go long and place my tp (take profit) order and sl (stop lose) order as can be seen in the screenshoot.
Long
by Wizard
General Market Outlook - June 21st, 2014Note: I got rid of NZD/USD and USD/CHF. NZD/USD pretty much correlates with AUD/USD while USD/CHF correlates with EUR/USD, so I figured it was redundant to analyze both pairs. ------------------------------------------------- Interesting Pairs: AUD/USD - Bearish - Price tested the broken trend line last week and bounced down - Price retested the same price level this week and started to bounce down - Personally, I wouldn't short now because it would effectively be chasing. It dropped about 50 pips so far, so you would need a wide stop to enter this trade now. - Maybe if it retraced to 0.94, I would consider it but AUD/USD isn't high on my "to trade" list right now. GBP/USD - Bearish - Although not a perfect butterfly (aka bearish gartley), price did bounce off the 161.8% fib level this week around 1.705X - Since price closed above the 1.7000 level on Friday, I expect bulls to have another push towards 1.705X or even 1.71. - So if you missed the entry at 1.705X (like I did), don't worry, you 'should' get another chance - Although the level of interest is at 1.705X, I'd prefer loading the majority of my short position closer to the 1.71 level if we get there. USD/CAD - Bullish - Price broke out of the descending triangle on Friday (magenta) but this bear run looks exhausted, USD/CAD has been dropping for most of the last 3 weeks already. - Currently price is sitting at the 1.075X level, which happens to be where the (blue) trend line is, so loading a few longs here wouldn't be a bad idea. - However, the level that I'm interested in is the 1.07 level, which is where the (red) trend line intersects with a previously broken resistance level. XAG/USD - Bearish - Price broke the blue descending trend line this week and surged upwards but until we break 21, I have doubts about this bull run. - Take a look at the red descending trend line, price fell around $23 the first time and $22 the second time, what are the odds the price will fall around $21 this time? - Each time price has dropped in the past, it went all the way down to the support level at $18.6X. - I'm not saying it's going to drop back down to support again this time but at the very least, I expect a retrace back down to the $20 level to test the broken trend line. After that, who knows? ------------------------------------------------- Developing Pairs: USD/JPY - Waiting for breakout - The only thing that I can see right now is a symmetrical triangle, which is a neutral pattern formation until it breaks out - So until it does, I'm sitting on the sidelines for this pair ------------------------------------------------- Confusing Pairs: EUR/USD - Conflicting short and long term views Long term - I see a potential bearish flag on the chart, which signals continuation drop is coming? Short term - A retrace wouldn't be out of the question for a healthy bear run but it would have to break the bear flag in order to do so, which conflicts with the long term view. Also, price never hit 1.4000 so that's a bull target that was never reached. ------------------------------------------------- Disclosure: All open positions are disclosed above, if I don't mention having one then it should be assumed at all times that I plan to trade based on my analysis, so take this into consideration as I may be biased.
by ForexWeeklyAnalysis
1