__SpecialFX__

Key Levels ahead of OPEC and CAD Data

FX:USDCAD   U.S. Dollar/Canadian Dollar
110 15 6
a year ago
Today can be a volatile day for USDCAD             with an OPEC Announcement and Labor & Trade data from Canada.

My Wave counts on USDCAD             that were previously published indicate that USDCAD             is in a short term bearish cycle, doing a minor correction from 1.3435 highs.

We are still trading in the up channel, however recent attempts at breaking highs were stopped at 1.3406. For that reason a case can be made for a bullish or bearish view.

A break of the levels indicated on the chart will provide future direction from the pair. At the moment, there is no strong signal and prefer to remain neutral.
a year ago
Comment: The Bullish cycle is confirmed by breach of 1.3407
Which means the ABC structure is bullish and expected to take out previous highs at 1.3435. Will post a buy setup if we get a pull back going into next week.
jhakas
a year ago
what is now your take on gbpcad? ucad yesterday just kissed that daily 20 ema and up again.. last 4 daily candles and all indecision..

fridays are usually bullish days for ucad.. it is making good support now at 1.333 and below yesterdays low 1.3292 and support of 1.3277...
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__SpecialFX__ PRO jhakas
a year ago
I only swing trade the daily chart on GBPCAD, it is still in the bearish Cycle that started from 2.0970 Aug 24. So I'm looking to short against 2.0555 to target 1.92/1.94. USDCAD will be all about the data today, it should clear one of those levels on the chart, so I'll likely have a setup for it next week. It might be bullish on Fridays because that's when CAD data is released.. and for some time now the majority of that data has come out negative. CADJPY is the only pair with a clear signal. I had thought the down cycle that started Nov 9 from 93.25 had finished on Nov 24 at 91.62 but yesterday it broke to new lows which indicates the cycle is still alive. I like shorting CADJPY against yesterdays 92.77 high to target 91.00/91.20. The move in CADJPY has had me reevaluate my position on all CAD Pairs.
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__SpecialFX__ PRO __SpecialFX__
a year ago
To clarify, in GBPCAD yesterdays momentum was quite strong, it took out several levels of resistance. I'm waiting on the sidelines for now until a clear setup comes up to short it.
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jhakas __SpecialFX__
a year ago
what to do with this pair :D downside on way now... 1.31?
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jhakas __SpecialFX__
a year ago
I am now short.. with sl. 1.345... tp towards 132 or 131
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jhakas
a year ago
momentum in cad is still weak.. i was expecting rise in gbpcad cuz gu was holding bullish double top on 4hr chart... and it clear neckline support of it.. nicely... so if today gu holds 1.4993.. neckline support of double top.. then i expect both gu and gbpcad to rise.. cuz even if bad numbers of nfp.. i see fall in ucad limited..

ucad is indeed :D a pain... and now many sellers targeting towards 1.31 if anyhow today ucad clears 1.3276... then i think next stop will be 1.311... lets see i am still bullish and holding now long deal from 1.3337...
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__SpecialFX__ PRO jhakas
a year ago
Bad numbers across the board for CAD and good numbers for USD. Your USDCAD long is looking good. What are you targeting?
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jhakas __SpecialFX__
a year ago
stop loss now at BE 1.3337... market doesnt look stable.. the way euro is behaving after good US data market can flip... lets see what ucad do now..
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__SpecialFX__ PRO jhakas
a year ago
Strong support at 1.3320 - after the bad data it would be unlikely it takes out that support, I'm tempted to go long USDCAD right now at 1.3355 if I didn't short CADJPY before the data.
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jhakas __SpecialFX__
a year ago
aud and nzd created bullish candles... things seems crazy... but ucad so far holding..
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__SpecialFX__ PRO jhakas
a year ago
I think it's CAD weakness that's pushing the pair, not USD strength. OPEC just released as well, or was leaked rather.
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jhakas __SpecialFX__
a year ago
ucad always remain stable at time of USD weakness... at time of black monday when usdchf and uj were tumbling.. ucad remain stable at 1.32 figures.. and yesterday as well it remain stable above 1.33.. but near term if ucad remains above daily 20 ema.. i see ucad massive rise... towards 1.40..
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__SpecialFX__ PRO jhakas
a year ago
CHF & JPY are safe haven currencies, hence the correlation with equity markets. CAD moves with oil.
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jhakas __SpecialFX__
a year ago
this pair is indeed crazy.. one day it makes new low and up and second day it make new high and then down again :D
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jhakas __SpecialFX__
a year ago
fridays are usually sl. hunting day.. so ucad took new high and dropped.. so this is 2nd dip.. if now it holds yesterdays low then i see break of 1.345 either today or on Monday... cuz both these days take sl.
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