Akil_Stokes

USDCAD: Outlook on CAD (Live Trading Room Live Stream)

FX:USDCAD   U.S. Dollar/Canadian Dollar
USDCAD             has been a frustrating pair for pattern traders, however it has been exceptional for trend following/continuation traders over the past few years.

What I'm looking for hear is a move back down to the $1.40-$1.38 level for another buying opportunity. I know, I know, that's a ways away, however because of that prediction it also sets up the opportunity to look for shorting opportunities in anticipation of that level.

Today in my live trading room we'll be breaking down this pair and seeing if any of those short opportunities exist on the lower time frame. You didn't hear it from me but I may be live streaming the first few minutes of today's Live Trading room so that you can see the analysis. Just head over to my Youtube page around 8:00am New York             time.

Akil Stokes
Chief Currency Analyst & Head Trading Coach
http://www.TradeEmpowered.com -The Premier Online Trading Education Company
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BUY ON BREAK OUT OF COUNTER TREND LINE AND HOLDING OF TREND LINE
absolutely wright and agree
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Akil_Stokes PRO GoodLuckbabe
Thanks for sharing your idea.
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GoodLuckbabe Akil_Stokes
you welcome
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Morning Akil hope your well, I had similar ideas myself this morning, my chart is the 4 hr but on the 60 min looks to have been making a move down

snapshot


Have a great day
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Thanks for sharing, we're going to see if we can hop on that potential down move this week. I'll be cautious though seeing how we're still in a massive bull trend
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Stink Akil_Stokes
Oh for sure, ive been burned a few times over the last week, but lessons learned along the way! :)
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Best of luck, a good win will make those burns an afterthought
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just a heads up there is a trend line just above your retracement target
snapshot
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Thanks for the share Vdubus, i personally don't use trendlines but That's a great warning for those traders who do
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vdubus PRO Akil_Stokes
ok call them speed bumps :) That was a good call Akil nice work
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thanks
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bearish divergent on H4
snapshot
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After being so bullish for such a long run, it's hard to wrap your head around to look for shorts on this pair even in the short term. But we have broken and closed through lots of structure levels.. So as a TCT that's why you have rules, it takes the emotion out of it! ;) Good find Akil
+2 Reply
Thanks Kenny, and great insight in this comment as well
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I too am eyeing that 1.40 level as a .786 retrace of the x-a move up since Jan3 and as a 1.27 extension of the a-b move down since Jan 20. I just wish there was a little more structure at that level to the left.
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USDCAD is dead?
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with the fomc later today I think the entire market will be dead
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Thanks for sharing your idea
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Paul-FXTC PRO Akil_Stokes
thanks for accept that
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No problem, that's what this site is for. For different traders to see different outlooks on the markets and hopefully learn from it
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Paul-FXTC PRO Paul-FXTC
Hey Akil, Thanks for answering, how do you see the USDINDX, it seems like the News will catalize more downside ?
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I have no clue what the news will bring. I'll just wait until it happens and base any trades off of what the chart tells me
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