TRDVMA
Long

USDCAD Update: Is it the bottom?

FX:USDCAD   U.S. Dollar/Canadian Dollar
79 2 3
The Oil             has reached the peak IMO             (see my last update remarks to Brent Oil             ). A short while ago there was a strong down move in Oil             and this caused the jump that we see on this chart (see hand-mark). Today is the FED Rate day and I will try to keep away from any dollar related entry for obvious reasons. When the waters calm down, I will make a decision to enter USDCAD             long (or not). Personally I have some conviction and a good gut feeling that this is the very bottom of the USDCAD             and from this point on we shall see a healthy up move in USDCAD             . Time to get back into long for long term. Good trades.
Comment: Still believe that we are seeing the bottom of the major bear market and the USD will start to gain against the CAD. I still did not commit on this pair, until the turn is confirmed. Confirmation will come when Oil start going down, which is coincidentally also at a turning point. Still no obvious pattern or breakout. Entering now could unnecessary commitment of capital unless trading short term. Do not forget, always enter a position along with a thrust like a breakout which occurs at a lower timeframe as opposed to your trading time frame. Patience required. Good Trades.
Comment: Just wait a little longer to enter long (long term). Oil is currently at a resistance area which will possibly hold for a while. I personally will enter probably next week at the 2nd thrust. I will post exact timing, when it occurs. Good trades.
When you say lower time frame you refer to 30 minutes to an hour? Appreciate your response.
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TRDVMA Jon88
if your trading TF is 1hr you shall look at 15min. My rule of thumb is a multiplier of 1/4
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