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MCD1! trade ideas

CANADIAN DOLLAR FUTURES (6C1!), H1 Potential for Bearish DropType : Bearish Drop Resistance : 0.77455 Pivot: 0.76955 Support : 0.76460 Preferred Case: On the H1, price is moving below the ichimoku cloud and along the descending trendline which gives us a bearish bias that prices will drop to the pivot at 0.76955 where the 50% fibonacci retracement and swing low support are. Once there is downside confirmation that price has dropped to pivot , we would expect bearish momentum to carry prices to 1st support at 0.76460 where the swing low support, 78.6% fibonacci projection and 161.8% fibonacci extension are. Alternative scenario: Alternatively, price may rise to the 1st resistance level at 0.77455 in line with the swing high resistance, 78.6% fibonacci retracement and 78.6% fibonacci projection . Fundamentals: A stronger than expected CPI data (Actual: 1.4% Expected 1.0%) overnight helped the CAD find some strength against the USD. With the CPI data reinforcing market expectation for the BoC to hike rates by 75bps at the next meeting, look for the CAD to continue strengthening into the US session, giving us a medium bullish bias for the canadian dollar.
CME:6C1!Short
by Genesiv
CANADIAN DOLLAR FUTURES (6C1!), H1 Potential for Bearish DropType : Bearish Momentum Resistance : 0.77520 Pivot: 0.77025 Support : 0.76450 Preferred Case: On the H1, price is moving below the ichimoku cloud which supports our bearish bias that price will drop from our pivot at 0.77025 in line with the overlap resistance, 23.6% fibonacci retracement, 78.6% fibonacci projection and 50% fibonacci retracement to the 1st support at 0.76450 in line with the swing low support. Alternative scenario: Alternatively, price may break through pivot structure and rise to the 1st resistance level at 0.77520 in line with the overlap resistance and 78.6% fibonacci retracement . Fundamentals: There is an expectation of a rate hike of 75bps from the BoC in July and the markets might be starting to price in the policy adjustment which gives us a weak bullish bias.
CME:6C1!Short
by Genesiv
CANADIAN DOLLAR FUTURES (6C1!), H1 Potential for Bearish DropType : Bearish Momentum Resistance : 0.77520 Pivot: 0.77310 Support : 0.76480 Preferred Case: On the H1, with price moving below the ichimoku indicator, we have a bearish bias that price will drop from our pivot at 0.77310 in line with the swing high resistance to the 1st support at 0.76480 in line with the 161.80% fibonacci extension, 100% fibonacci projection and swing low support. Alternative scenario: Alternatively, price may break the pivot structure and rise to the 1st resistance at 0.77520 in line with the overlap resistance and 78.6% fibonacci retracement . Fundamentals: The prospect of a more aggressive Fed saw further gains in the USD/CAD pair. At the same time, an oversold CAD is deemed from the equally hawkish BoC and firm oil prices resulting in mixed to weak bullish view for the Canadian Dollar Future.
CME:6C1!Short
by Genesiv
Detailed explanation of the harmonic model 5-05-0 pattern discovered by Scott Carney and published in his book “Harmonic Trading, Volume Two” It is a unique model that has precise corrections of the Vibonachi ratio to check the health of the model. Although the 5-0 pattern is a reflective pattern, because the 50% recovery level is the most important in the possible reflection area, and the correction ratio is slightly different from the Bat or Gartley pattern. The 5-0 category falls within a family of 5 point harmonious reflection models and is essentially defined by the B point, which is mandatory for all compatible patterns. The basic pattern assumption is to determine reactions after finishing the opposite direction, and 5-0 patterns usually represent the first retreat to reflect the large direction. In many cases, the AB rib of structure is the final failing wave of direction. “The buying pattern” -Rib 0X beginning of formation of model structure. XA rib does not require a certain correction, but provided it does not break the top of the rib 0X. - AB rib between fibonachi extensions 1.13 to 1,618 from XA rib. -C point between fibonachi extensions 1.618 to 2,224 from AB rib. -Dot D from here we need to see one lower final comeback complete at the BC Correction Level 50. - CD rib should D be equal in AB rib length. “The Selling pattern” -Rib 0X starting to be the model structure. The XA rib does not require a certain correction, but provided that the bottom of the rib is not broken. - AB rib between fibonachi extensions 1.13 to 1,618 from XA rib. -C point between fibonachi extensions 1.618 to 2,224 from AB rib. -Dot D from here we need to see one lower final comeback complete at the BC Correction Level 50. - CD rib should be equal in AB rib length. Take a look at some of our previous analyzes with this analysis And don't forget to hit like so we can continue to publish such useful posts
CME:6C1!
by Elrouby
Canadian Dollar Futures MonthlyCanadian Dollar Futures Monthly Chart Bullish Bias 10/18/21 Looking at Current Market Price Action, on the Monthly Time Frame We can see that the Canadian Dollar Futures is painting a bullish recovery over the past 2 months Finding support at the 0.77500 level we can see that the price action of August and September rejected that level very quickly, also we have a great level of confluence in that zone with the 2020 highs. Also we find that we have ran through not only 2020 highs but 2019 highs as well and we matched 2017 highs with the run in the first quarter of this year. Looking at all this data we can see that price has a willingness to trade higher and will most likely make its way to the 0.87500 level as the next major level in the next 6-12 months.
CME:6C1!Long
by ArjunBanks