Copper is in a very obvious wedge and a break would indicate a significant move into the 2.90 area. Copper has a strong correlation with $cad and $usoil as well so if we break the wedge we will be able to find long and medium term opportunities. I used the ghost bars just for fun and to possible show the projectory of copper.
With the Canadian Dollar reaching to an extreme against the USD we are trying to find the bottom for the CAD on all pairs and it is more clear now that we will reach a primary bottom for the CAD very soon.
When we look at the GBPCAD long term trend it is clearly a downtrend and the uptrend started around 2013Q1 is a corrective 5-3-5 trend.
In wave C, the fifth...
Even if your entry is at market the risk/reward opportunity is fantastic. Ideally, we want it to test ~.9550 and take a low risk entry short position there. I think there is something brewing in the Canadian dollar, not just this particular cross..
Tho chances of pullback if Fib retraces of around Jan 4th (short USD/CAD @ 13980 T1 13733).
Sudden ratchet of Mid East tension could see this move fast.
Other x, esp vs NZD and AUD due a retrace (at least at first) - and then looking for poss trend reversal
I've been tempted to short and I have gone short last week a few time only to get stopped out. This looks like the bull doesn't want to pause yet. Long term I see USDCAD trading in the 1.50's - an exciting opportunity.
I view this cross as the best way to express a short position on oil and Canada, while remaining neutral or short on the US equity market, and bearish on Japanese equities for the intermediate term.
Canada and oil have a .78 correlation coefficient since the early 2000's. I believe oil will remain weak and will continue to put pressure on Canada's economy....
So the disappointing Core Consumer Price Index (MoM) print earlier has sent the USDCAD hurtling towards the psychological price of $1.40 which hasn’t been broken since August 2003! In addition to this, it’s no secret that the tumbling oil price has been a contributory factor to CAD weakness. Due to the strength of the resistance, I would expect a pull back to...
As We all know nothing goes up/down in a straight line, and with all the bearish sentiment for Oil and CAD we are sure that the turning point is near. Of course, one of the most important rules is not to try to catch the turning point (TP) "do not catch a falling knife" *****So we are not saying to short USDCAD now******
In the monthly chart it is clear that...
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!
