The Australian Dollar has been trading in a channel up against the Canadian Dollar since early December 2017. The currency pair bounced off the lower boundary of an ascending channel on December 6 and has since rallied against the Loonie.
The inability for the Aussie to make a new move downwards indicate that the pair might continue to surge. The AUD/CAD has...
Now we are in retracement prone area of 1.2780.
It may swing back a lil bit first.
So, you gotta chill.
It shall go higher back to 1.286 regions again.
Trade Safe
s0nic
Disclaimer:
The information contained in this presentation is solely for educational purposes and does not constitute investment advice.
The risk of trading in securities markets...
USDCAD has an establish sell off trend line.
Looking for a push lower - tight stop loss
If we see a push above and get a retest, this pair could turn into a great long position
So, did you follow our previous analysis?
NOw it may be lil toppish with 1.2680 level, but sooner or later it will go 1.278 soon.
Stays with BULL and be alert!
Trade Safe
s0nic
Disclaimer:
The information contained in this presentation is solely for educational purposes and does not constitute investment advice.
The risk of trading in securities...
The USD/CAD pair made some miraculous movement upside after the US data release on Wednesday. However, the surge was unable to hold due to the weakness of the US Dollar.
After hitting the 50.00% Fibonacci retracement level, the exchange rate has been gradually moving upwards, although this movement might be strengthened by the monthly PP at 1.2496. This...
Scenario A (Blue):
This is a big 3 wave correction for weekly move up.
We completed the C wave and we are on the way to go and break the trend line.
Scenario B (Red):
This is a bearish 5 wave trend and we are in the pull back to possibly 61.8% of Fib for completing the 4th wave.
My idea is the scenario A is more likely to be correct, because:
1- The 4th wave...
The Canadian Dollar has extended its decline against other major currencies during the previous trading sessions. However, the decline can be observed notably in the CAD/JPY chart.
The Loonie is trading in a narrow channel against the Yen. The pair has re-tested the upper boundary of the junior channel.
As for the near future, the currency exchange rate could be...
USDCAD running into nice confluence of supports. Trend line starting back in 2012 & the mid line of modified-schiff pitchfork. With a strong correlation to crude oil, it's nice to keep an eye on both charts when looking to make a trade & oil is running into a key .5 fib retracement level :
Any NAFTA remarks from the white house may shift outlook with ease.
There are 2 things you need to know.
1. USDCAD's "overall trend" is still pointing to the downside.
So it is obvious that "shorting" this pair still carry a better probability
2. We have a nice Bullish looking candle in D1, it proved that there is an "immediate" trend momentum shift.
So, if you looking for a potential quick swing back, you can consider going...
Fundamentals:
- NAFTA Negotiations uncertain, any signal at termination would cause loonie to sell-off
- JPY tight inverse correlation to global stock market, therefore a sell-off in markets would benefit this positioning
Technicals:
- Clean break of uptrend
- 100 Day MA crossover
- Ichimoku transition line crossing baseline
Calling for USD/CAD long with be a kamikaze mission. But I do not care.
I write what I see.
In the long term, we are "surely" in de-dollarization phase but for the immediate term we may see the swing back in USD/CAD.
One of the reason is due to the weakness of oil as well.
Bearish Oil can be loosely translated to USD/CAD.
Pls see arrows for the potential...
USD/CAD was in "Sort of" oversold region after hitting eating up decent SL of the long.
Now it is very like in the retracement mode. USD/CAD UP mean Oil can be down too.
In the longer term, we are still in BEAR but it "may" be time for a decent swing back as there are many shortists piling up to get wacked.
1.2590 and 1.272 will be nice targets.
Trade...
USDCAD A.k.a The Loonie Has some Further Downside Potential. After the 160+ Pip move Last Friday on Strong CA Data and Weak US Data, We saw a huge sell off and a slight pullback. On the Hourly Timeframe we have a MA Cross and A Clean Break of the Trendline. I already have some Short Running and have now added to my positions hoping to achieve the Target 2 which...
Price has broken above the trend structure after a correction since September 2017. We are holding onto a bullish bias for this pair, potentially targeting 94.60 area.
I will be following up and tracking this thread regularly throughout the year. Make sure you follow this idea to get notified whenever there is an update on this idea.
Have a great trading year ahead!
