GBP/CAD had a great fakeout last Thursday. The daily chart looked like it was breaking to the upside. The Canadian jobs report came in on Friday and smashed those dreams (and this is post a Ivey PMI that came in on fire @ 62.5). With oil holding steady, this is one of my high-conviction trades right now. I'm looking for the UK election gap to fill on this pair,...
USD/CAD - 240 Chart - Bat Pattern Here on the 240 chart of USD/CAD we have a nice Bat Pattern setup. D leg completion at 1.221 giving us a nice bullish reversal zone. We must see a completion at D leg before any long entry is triggered. - SL must go below X - Target 1 at 38.2% retracement - Target 2 at 61.8% retracement Good luck.
The USD/CAD left a beautiful outside reversal daily candle last Friday. This was after a solid jobs number from Canada and while USD strength was seen across the board (due to the US's own good jobs report number). Drilling down to the hourly chart, my plan is to sell any retracement to the 1.2370-80 zone, targetting 1.250-70
EUR/CAD - H1 Chart - Bat Pattern Here on the H1 chart of EUR/CAD we have a nice Bat Pattern setup. D leg completion at 1.377 giving us a nice reversal zone with X being strong historical resistance. We must see a completion at D leg before any short entry is triggered. - SL must go above X - Target 1 at 38.2% retracement - Target 2 at 61.8% retracement Good luck.
USD/CAD - 1H Chart - Bullish Bat Pattern As usual we must see a completion at D leg before a long entry is triggered. - SL must go below X - Target 1 at 38.2% retracement - Target 2 at 61.8% retracement We do have a long way until completion, but certainly better to be one step in front than behind. Good luck.
USDCAD will go to 1.18 after 1.20 Triple Head and Shoulders patterns.
Alright everyone this is a pretty crazy post because I am going to try and predict the end of the bearish EUR/USD. USD/CAD is the one that helped me come to this analyzation and the monthly chart on the EUR/USD. As you can see USD/CAD has been at an uptrend since 2013 and finally broke support around 1.23410 level after 11 weeks of consolidation on the weekly...
ANOTHER TEXTBOOK SETUP ON USDCAD. PRICE HAS BEEN STUCK IN THIS RANGE SINCE THE END OF JANURARY. A FLAG PATTERN HAS BEEN FORMED AND THE LONGER THE MARKET IS STUCK IN A RANGE/CONSOLIDATES THE BIGGER THE BREAK OUT. USDCAD HAS FAILED TO BREAK SUPPORT OF THE RANGE WHICH IS ALSO A MAJOR PHYSIOLOGICAL LEVEL (1.24000). THE MARKET IS CLEARLY CAPPED AT THIS LEVEL BECAUSE...
I'm overall bullish on the USDCAD (and have been since the end of 2012), but I see downside risk on this pair during the second quarter. 1.28 is a major resistance level that has held since January, and without a monthly break above this level in April, we might just see a correction lower in the coming months. I've noted a negative divergence in the weekly RSI...
CAD/JPY has been in a dominant bearish trend since December 2014 as the breakdown in the Canadian Dollar, largely influenced by the crash of oil prices, has crippled the currency. January 2015 resulted in an absolutely massive bearish engulfing bar on CAD/JPY, February offered us a nice bullish pullback, and now we have the continuation pattern in play. We have...
The GBPCAD cross looks like it's been consolidating with a flag-like movement since the start of 2014, and this may lead to an eventual bullish leg to fresh multi-annual highs in 2015. Fundamentally, I like being short the Loonie dollar as crude oil's plunge this year should lead to disinflationary pressures in Canada with a possibility of seeing the Bank of...
USDCAD SHORT A Very Simple Structure play here with strong resistance on this level since the end of October.
After looking at my GBPAUD dollar trade in the morning we noticed other head and shoulders patterns on the GBPCAD, we waited until the price broke below the resistance level and believe this trade will be completed within the next 6-12 hours. This is a pretty simple High probability trading set up and should be a really good trade. Trigger!
Looking through other Commodity Currency pairs seems to suggest general weakness lies ahead for all commodity pairs. This is possibly exemplified in CADCHF with potential short that could be headed to retest the last spike 2011 low or make new lower low. In fact I favour new lower low as we could have massive ending diagonal which cannot be seen on this chart due...