__SpecialFX__

Key Levels ahead of OPEC and CAD Data

FX:USDCAD   U.S. Dollar/Canadian Dollar
110 15 6
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.
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.
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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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__
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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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__
aud and nzd created bullish candles... things seems crazy... but ucad so far holding..
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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__
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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CHF & JPY are safe haven currencies, hence the correlation with equity markets. CAD moves with oil.
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jhakas __SpecialFX__
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__
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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