I'm seeing signs suggesting that the Canadian dollar, which has been strengthening over the past few weeks, is now getting ready to reverse and decline in value. For many CAD pairs like AUDCAD, GBPCAD, or USDCAD, this means a long opportunity is information.
In the case of this particular chart, we are seeing hammers forming off a support level, at a 50%...
To start up there are 2 links to my previous USD/CAD ideas both still valid and both suggesting that 1.062 level from July might be an bottom for long time.
Yesterday USD/CAD has fallen into 1,083 levels just above the green demand zone marked on my H4 chart, there's also 50% Fibo retracement of current Leg Up from 1,062 to 1,10 level present there just above...
Last time I tried going long CADJPY was about a week ago, and the trade was virtually identical to the trade I'm putting on now. I got stopped out at breakeven, though I think the pattern is still valid; I simply moved to breakeven a bit too early last time.
I'm set to go long here at 94.01, with my stop at 93.56 and my target profit at 96.11. I'm risking 55...
Loonie bounced off from long term support level and 0.382 FIB at 1.0645 handle. Once it reaches 0.236 FIB (1.0885) level it could retrace towards the bottom of the channel and 0.5 FIB level. Look for RSI overbought condition for confirmation.
USDCAD has been in a downtrend since March 20th of this year; that is when the current trendline, visualized in this chart, commenced. Price has pulled back to this trendline, is just below the 50 SMA and the 200 EMA, and not too short of the 50% retracement line from the recent swing high to swing low. The candlesticks over the past few daily trading sessions...
We've been seeing CAD strength, as well as JPY weakness over the past few trading sessions......and so long CADJPY was only a matter of time. And now, the time has come! :) I'm going long at 94.33, where we have a support level that recent candlesticks are forming a wick around, suggesting buyers are stepping in to defend. Also of note is the presence of the 50...
You can see the clear levels as prices dropped and are now rising towards the sell zone. I'm long at this bottom edge of consolidation and will exit at the red line, then reverse and short it.
The primary wave pattern shows, that the Aussie should on the verge of completing its 5 EW pattern against the CAD$. Therefore a final rally of around 400-500 pips can ensue completing this pattern. In the meantime a minor correction, before the final wave up, should be on the onset. Having said this, the count of 1.062, remains not activated and a break above...
There will be some important announcements coming affecting the CAD/USD.
It would be hard to make a prediction at this point but a buy stop or sell stop on either side could be a good idea.
Time (April 16th) Country Event Importance
2 am (9 pm ET time) China GDP q/y High
2 am China Industrial Production y/y High
2 am China Fixed Asset Investment...
