Canadian Dollar / U.S. Dollar
looking at the daily chart of the canadian futures index (D61!) price is at daily supply so any shorts would be counter trend based on the index chart but maybe not on the pairs.
This pair has been trapped within a large complex correction between 1.38 and 1.20. This move down started for the top could breakdown support soon to pass all the way down into 1.20 area to tag former valley. Then another seesaw move before the final drop occurs.
I have a conditional order placed - if a new high is made before then I will wait for the next set-up.
Triangle next? A close >0.8260 can see 0.85-.0850 $USDCAD
I am looking for a buy in the PRZ shown based on the bullish Butterfly pattern as well as 50% retracement level. From an Elliot Wave perspective, if the move up from the recent bottom was all a first wave then this is the minimum retracement I would expect for the second wave. In this case we are getting ready for Wave 3 which would likely be pretty...
I know it is not advisable to try and pick a bottom..I have learned this lesson many times. However when I noticed today price had dipped below the .618...Daily RSI was in oversold territory... and it made a pinbar on the 5 minute chart with decent volume...I decided to take a shot. But I am going to try a different approach to catching a bottom this time. My...
2 weeks ago I sold the 0.715 PUT in /6C ( D61! ). I was looking for it to range back down and initially it did but never hit my target profit (2 ticks away). Since then it's run away from me a bit and followed the Light blue line just like TRON taking the Light train to the exit. As the Canadian dollar is a proxy for Crude oil also CL1! I'm looking for Crude to...