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Canadian dollar / Norwegian Krone

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CADNOK trade ideas

CADNOK: Sell opportunity on a Channel Down.The pair has been trading within a 1D Channel Down pattern (MACD = -0.003, ADX = 20.845, B/BP = -0.0351) with the neutral RSI, Highs/Lows indicating that it is near a Lower High level, hence an optimal short spot. As seen on the chart the High - Low sequence has been fairly straight forward and although it may hit 6.4600 again, the current level offers a respectable R/R sell opportunity with TP = 6.3040. ** If you like our free content follow our profile (www.tradingview.com) to get more daily ideas. ** Comments and likes are greatly appreciated.
Short
by InvestingScope
Trading the CAD pullback=> This week we have BoC on deck with a widely anticipated rate hike. The sales and consumer prints last week came in softer than anticipated and we see this as a great valuation driven pullback. => Here we are targeting the recent highs with stops at the lows. From a technical point of view we can see the early longs had their stops run on the data pullback. => For the longer term Canada remains in great shape, with almost completely free trade by the end of the decade on track. => From a capital flow perspective, funds have been hesitant to get long CAD via oil. The aim here is we are isolating the oil risk via an inline/neutral Norges Bank. => Best of luck to all those trading BoC this week.
Long
by ridethepig
CADNOK may test the range high on a longer term time horizonCADNOK is normally a WTI/BRENT spread pair but in this instance, I feel that the Norges bank rate hike may be priced in somewhat. On the other end of the scale the Canadian Dollar looks slightly undervalued and if WTI continues on this amazing run we could see some CAD appreciation. Long term I am looking for the NOK to pull back against most crosses as all of the bullish news may have come to a plateau. CAD, however, is waiting of a breakthrough with NAFTA and if this comes to fruition a rally may be in order. Looking at USDNOK and USDCAD this view seems to be supported as NOK is pulling back and USDCAD is showing signs of a reversal
Long
by RajDhall
How powerful can a zone of support be?CADNOK is considered by many to be an exotic or at least minor pair. I'm aleady short on this one with 1000pts in my favour. My bet was based on a possible triple top and trend line of peaks moving south on the weekly chart. This 8H chart shows that price has hit a broad zone of support at least 9 times. The latest push down has been a seemingly determined one. I had to wonder how powerful zones of support are? Is there a probability that based on numbers of times struck that price will disrespect the zone of support (or resistance)?
Short
by Captain_Walker