Loonie - USDCAD - Trade idea!
It's called Loonie for reason, not my favourite pair but I do great potential both sides of this trade idea.
This will be very interesting as we had great amount of energy from WSB dominating the market, will it be the same this week? I suppose it - Equites will decline further will given the headlines out: JPMorgan to pay $920 million for manipulating precious metals, treasury market! Technical aspects of Silver does look very attractive. I will post that idea privately - If you're interesting in XAGUSD Silver developments message privately for my aspects.
Fundamental Aspects:
The data-flow in Canada has continued to be on the positive side as the monthly GDP numbers for November showed a 0.7% increase, this week data jobs market data come into focus. Canadian employment numbers have outperformed and any improvements on the OPEC members meeting will be interesting that could shift CAD in either direction.
Technical Aspect:
Pattern: Ascending Wedge (Medium term) Double top (Short term)
Support: 1.27550, 1.27405, 1.27000,
Resistance: 1.28360, 1.28800, 1.29285, 1.29860
Short term: Double top developed measured taking it towards a nice support area of Ascending Wedge to take long opportunity.
How could you play the trade:
- You should take the short side to support areas with confluence of pattern in play short term
- Enter at nice support areas once confirmed
This all depends on your trade plan execution.
Key Tip: The internet is a wonderful gift and time is too, combine both can generate great amount of wealth if used wisely.
Have a great week ahead
Best wishes,
Trade Journal
(Just trade ideas, not a recommendation)
It's called Loonie for reason, not my favourite pair but I do great potential both sides of this trade idea.
This will be very interesting as we had great amount of energy from WSB dominating the market, will it be the same this week? I suppose it - Equites will decline further will given the headlines out: JPMorgan to pay $920 million for manipulating precious metals, treasury market! Technical aspects of Silver does look very attractive. I will post that idea privately - If you're interesting in XAGUSD Silver developments message privately for my aspects.
Fundamental Aspects:
The data-flow in Canada has continued to be on the positive side as the monthly GDP numbers for November showed a 0.7% increase, this week data jobs market data come into focus. Canadian employment numbers have outperformed and any improvements on the OPEC members meeting will be interesting that could shift CAD in either direction.
Technical Aspect:
Pattern: Ascending Wedge (Medium term) Double top (Short term)
Support: 1.27550, 1.27405, 1.27000,
Resistance: 1.28360, 1.28800, 1.29285, 1.29860
Short term: Double top developed measured taking it towards a nice support area of Ascending Wedge to take long opportunity.
How could you play the trade:
- You should take the short side to support areas with confluence of pattern in play short term
- Enter at nice support areas once confirmed
This all depends on your trade plan execution.
Key Tip: The internet is a wonderful gift and time is too, combine both can generate great amount of wealth if used wisely.
Have a great week ahead
Best wishes,
Trade Journal
(Just trade ideas, not a recommendation)
Comment:
Not active in this trade, not a very clear picture for me and regarding the price action of WTI could easily hit 55/56 areas. I won't be trading until I find a highly confluence plan.