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UC

Catching a Short Term Retracement on USDCADEntry - 1.329 Take Profit - 1.32 - 90 pips Stop Loss - 1.33575 - 67.5 pips I don't usually like to trade against the trend, but the reaction following the CAD CPI/retail data has me thinking it's time for a correction. The price jumped off of terrible data, but fell back below my significant level of S&R (1.329 - light blue line). The long wick on the weekly candle indicates to me selling pressure, profit taking, and trapped bulls. The main point of trouble on this 4H chart on the way to my target is the 30EMA (green line) My stop loss is above one of the recent high, though not quite at the top of that news bump. This is a somewhat questionable trade, considering that myfxbook has 87% traders are short on USDCAD (usually best to trade on the opposite side of the majority), but the next area of strong resistance is about 200 pips away (1.345) and will take some effort to get there. I'm not ruling 1.345 out, but I'm looking for an ebb to the flow. Target at previous area of minor resistance. Not looking to be greedy for a long ride down. Thank you for looking! -Zedro
Short
by Zedro
1
Short USDCADTaking a stab at shorting USDCAD. Weekly chart - This week we revisited last weeks open and rejected the price. This tells me there is a important price level. I see a lot of bullish signals but I have a feeling they are a trap since they are so obvious. DXY is also printing new lows. With this pull back I am jumping in short with a micro half way pullback. I am looking for the trend line to be broken. Target is the shoulders of the current inverse head and shoulders around $1.24. Comment if you are trading this pair. Good luck everyone and trade and your own risk.
Short
by powelltrades
USDCAD coming to pivotal pointBullish case 1 - Black descending line act as support 2 - Price performing a throwback to former resistance (red line) to test as support 3 - Up-trending channel off the bottom Looking for exhaustion on 1HR and 4HR on lower bollinger band. 1H UC See continuation of red and black thick lines on the hourly. Bearish Case 1 - DXY looking really weak Regarding bearish case (1) so long as the EUR/GBP/JPY pairs appreciate against the CAD more/faster than the USD, then UC will still go up due to arbitrage. Some Other Details Take a look at CXY - appears to be thrusting into two resistances trend lines, that are coalescing together Weekly Daily
Long
by PontusTrader
USDCAD 02SET2017 September and October forecastI believe this Month - September - for USDCAD will be BLUE and with a Low at 1.23047 and the High at 1.28430. October High will be at 1.27730 so this month should close bellow that point in order to this idea become confirmed. All those waves have the purpose to sync/converge to 1.22030 that I believe will be Low for next Quarter where a great Up will occur up to 1.3915. The first jump (4th wave of this last )will occur at 1.2335 - not yet there - but will go down again to seek 1.23047 as this will be this Month Low/impulse up. Pay attention specially on the thick lines in violet, as the dashed and thinnest lines are more flexible to occur. This study is based on the Quarter/Monthly data by using convergence calculations on waves. Please be aware that: - These points could overpass a little as long as the impulse will be there, usually on a 4H or Daily UTC server - should use Forex.com data here on tradingview to sync 4H and daily charts . - Please note that I am only predicting where things happens, not when, because that really depends on others factors such as the agreement of all major sessions - London, NY and Singapore - and also on Events, the fast/slow motion tool. - Also those points/targets are not random or just imagination, they are in fact result of my calculations based on wave counting, measurement and convergence on very high timeframes starting from daily charts up to yearly.
by Caipora
USDCAD long term longWhile everyone is watching to see whether the 2016 low will act as a support/reversal point, I am also curious for the general direction of this currency pair over the long term. As CAD is so closely tracking USOIL prices, weakness in oil should support weakness in CAD, especially relative to USD, the currency of oil markets. For reference, here is the slightly shorter term: (annotations on charts) And the longer term view: From a technical viewpoint, any reversal would ideally come from the 2016 low. However, there are few bullish news for this pair on the near term. If price action does not signal a move upward and the pink channel breaks, I will continue to watch Yearly Pivot S1 (1.236) and 2015's low (1.193). These points may attract and slingshot a grossly oversold USDCAD. If price does break out, key initial targets would be Monthly Pivot S1 (1.275) and Monthly Pivot (1.315). Waiting patiently for a strong signal - for me would be a long hammer candlestick or a tweezer bottom. Happy trading :)
Long
by jconnor
1