I apologize for the disorganized appearance of this chart. The Red lines indicate times when the price reacted to the Fib Speed Resistance Arc. This blue line Represents a mirrored version of price action from mid 2004 to mid 2010. Due to its reactions to the fib levels in the recent past and the 10 year resistance level it is likely that GBPCAD does not have the...
BIAS FOR THIS PAIR IS FIRMLY BULLISH AT THE MOMENT. PRICE HAS BROKEN ABOVE RESISTANCE AT 1.9520 AND I AM NOW MONITORING P.A ON THE 4HR TIMEFRAME FOR A RETEST AND CONFIRMATION TO GET IN TO A LONG TRADE.
TARGET FOR THIS IS 1.9825 AT THE -61.8 FIB EXTENSION FROM THE DAILY FIB SETUP.
GBP/CAD had a great fakeout last Thursday. The daily chart looked like it was breaking to the upside. The Canadian jobs report came in on Friday and smashed those dreams (and this is post a Ivey PMI that came in on fire @ 62.5). With oil holding steady, this is one of my high-conviction trades right now.
I'm looking for the UK election gap to fill on this pair,...
EUR/CAD - H1 Chart - Bat Pattern
Here on the H1 chart of EUR/CAD we have a nice Bat Pattern setup.
D leg completion at 1.377 giving us a nice reversal zone with X being strong historical resistance.
We must see a completion at D leg before any short entry is triggered.
- SL must go above X
- Target 1 at 38.2% retracement
- Target 2 at 61.8% retracement
Good luck.
I'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...
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...
The 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...
After looking at my GBPAUD dollar trade in the morning we noticed other head and shoulders patterns on the GBPCAD, we waited until the price broke below the resistance level and believe this trade will be completed within the next 6-12 hours.
This is a pretty simple High probability trading set up and should be a really good trade.
Trigger!
Looking through other Commodity Currency pairs seems to suggest general weakness lies ahead for all commodity pairs. This is possibly exemplified in CADCHF with potential short that could be headed to retest the last spike 2011 low or make new lower low. In fact I favour new lower low as we could have massive ending diagonal which cannot be seen on this chart due...
