EURCAD is forming a wedge/triangle on this daily chart. Of course price can breakout in either direction but I won't be surprised to see it break to the downside. Relative Strength Divergence is indicating this pair wants to run lower. Keep an eye over the next few days and into next week. We will wait for a daily close below or above one of the trendlines...
With oil prices rebounding flow towards commodity currencies was evident. While guessing Crude oil tops is pointless, after 11 weeks and more than 11 % appreciation loonie might be at a resting point. The Canadian government is to anounce its fiscal stimulus, I believe most positive factors are already priced in, hence I am trying to go long at the weekly 61.8%...
After failing to create higher highs and heading pass the 76.40% region on the daily timeframe, my play on USDCAD is to continue to short it. Personally I'm going to wait till the pair heads up to 1.32733 before shorting it again (i like to play conservatively).
Bearish bat completed with a pullback, We now have a potential Bearish butterfly and higher high Bearish crab forming.
As Eur/Usd is due for a draw down soon the Loonie is looking for a push to the upside. If Price ends above 1.34664 on the 1hr chart look to go long.
A five-cent range may serve for a change of direction on daily basis. If that is the case, the price would seek the falling trendline (blue-traced line). Happy trading! ______________________ WANT TO TRADE THIS ANALYSIS? Contact me for trade signals: insidemarketfx@gmail.com / Skype: @insidemarket168
The recent risk rally has encouraged commodity currencies higher. As crude ignores the globalized downturn in economic output and ongoing "pump at all costs" mantra of producers, the Canadian dollar has hit a three-month high against the dollar. Crude aside, traders have also factored in the fact that the potential for a rate cut from the Bank of Canada had...
Look for a short trade setup in EURCAD over the next two days, preferably on Feb 22nd around 13:00 GMT or Feb 23rd around 17:00 GMT. Price should stall out around the 50% Fibonacci retracement which coincides with the 3rd square root from the most recent low of 1.51402 set on Feb 18th. Should EURCAD run up to these levels it could stall out presenting a nice...
EURCAD is displaying a potential topping pattern at the top of the recent range, right against a long term mode, the price zone with the most activity in the chart since 1994. The previous reaction to such a strong historical resistance level was seen in the chart I posted before, where I reccomended buying against support for a potentially very large move to the...
Strong volatility. • USD/CAD has been very volatile over the past few days. A bearish bias is still favored. Current price action is following old downtrend. Hourly support is located at 1.36392 (04/02/2016 low) and hourly resistance can be found at 1.3911 (16/02/2016 high). Expected to see further rebound. • In the longer term, the break of the key resistance...
Have been waiting for a confirmation of trend reversal after rally on 21.01.2016. As supply glut continues to grow, there is no reason for a resurgence in oil prices yet. Technically , 1. Rising blue wedge was broken, 2. Rejection from .764 line to confirm H&S. 3. Upper Yellow line now serving as resistance for downward wedge. End of corrective wave C on...
It's not over yet for the UC bulls. Fundamentally , market conditions have not changed too much despite the sell off in USD the last few weeks. Yes, data was disappointing, but in terms of U vs. C, these two items still remain: 1. Oil has yet to find a defined bottom. 2. Divergent policies banking between the USA and Canada. Though, I do believe we maybe...
Reversal for medium term = Long term trend continuation. Medium term trend continuation = long term reversal. Happy trading!
Some directions with Rate of Change indicator. Happy trading! ____________________________ SUBSCRIBE to my TRADE SIGNALS with 15 DAYS of FREE TRIAL. Suitable for all traders. Please, contact me via Private Message, Email (insidemarketfx@gmail.com) & Skype (@insidemarket168).
I am Slightly Bearish. Next week FOMC will be the game changer. Watch 1.405x level, if it holds Bull can attack back. Level to watch: Support 1.405x, 1.3990, and Resistance level 1.4432 News: Tuesday, Wednesday, Thursday and Friday