Kumowizard
Short

USDCAD - Parabolic bull / top hunting 2.0

FX:USDCAD   U.S. Dollar/Canadian Dollar
339 4 5
Looked too much a few days ago (pls see link to previous post)... hmmm... how does it look like now? Parabolic supersonic. This pace is simply impossible to keep. Especially not given that Oil             started some correction, and NOK             , the other Oil             related commodity ccy is trading well.
So I keep on doiing small (not leveraged) top hunting both in EURCAD             and in USDCAD             .

Weekly:
Amazing parabolic bullish move, but got way too far above Kijun Sen. It needs a pull back towards equilibrium. Heiken Ashi candle is still green, but remember, this is only the first day of the week! haDelta spiked to extremely high level, and crossing back below SMA3.

Daily:
Smaller Heiken Ashi candle inside the body of the previous one. Looking at haDelta we see it is very unlikely that this bull has more power to go from this high. haDelta crossing again below SMA with a negative divergence (lower high compared to 22/Jan high)
Watch further signals in coming days.

It should pull back to 1,2150-1,2200. It doesn't mean it will, but I go for it :-)

p.s.: you can check 4 Hrs time frame as well, supports are at 1,2580 (4H Kijun Sen) and 1,2430 (Senkou B + 100 WMA)
adam234
2 years ago
Can I have your view on AUDCAD? Why don't you try to sell AUDCAD with the necessity of RBA to cut rate tomorrow. AUD is also commodity related, but not that oil sensitive and nice stops could be placed at 0.9980…
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Kumowizard PRO adam234
2 years ago
Sorry for late reply. The reason I do not trade it is simple: I have my list of instrumets to trade and these crosses I try to avoid in direct trading. Normally I trade only majors, so EUR or USD crosses. The AUD itself is not one of my favourites anyway, I trade AUD very rarely as not in my time zone.
I try to limit my trading to maximum 10-12 instruments in general, not to devide my focus.
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Kumowizard PRO Kumowizard
2 years ago
But it was a very good call from you! Thx
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adam234 Kumowizard
2 years ago
It worked out well with some luck…:). Fingers crossed for the CZK weakening now, eyes fixed on the Czech Nat. Bank on the 5th. If they don’t want deflation they will act sooner or later and elevate the 27 floor. I am going to have a very nice Asian trip financed from your NOK trade idea next week...:)
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