Canadian Dollar H&SCurrently retesting the H&S neck line. Reversal bar today, 19 Spet 2014 after testing the upper parallel. Good opportunity to enter short. Tergeting the bear median line. Good Reward/Risk.
6CZ2023 trade ideas
Canadian dollar: Dive or gun the stops first?It is undoubtedly on of the strongest trends around, so well defined that makes you think "it can't happening" for more than a year now.
Looks almost ready to break the bear flag and dive, giving the $USDCAD the edge it needs to break it's respective triangle upwards. Although very famous triangle the last few weeks, data from Etoro - www.forex-tribe.com -{ true or not, don't have the slightest idea} shows only a limited amount of bulls around 19% currently long. If retail traders are more often than not wrong in major turns as the adagio says, then is a good think for the $USDCAD longs.
On the other hand, downtrend is almost exhausted as CCI prints lower readings than the major 2009 swing low and short term momentum is positively diverging. Needs a relief rally or have first to gun the stops nested in 91.20 area?
Don't have a clue. My only observation is that Oil ($CL1!, light blue line imposed) had a higher high while canadian dollar didn't , stubbornly continuing it's flag consolidation.
Mr Poloz did his job perfectly yesterday talking down the canadian dollar. If the white haired, mesmerising talker granny - that lot of people confusing with their own, forgetting that she represents one of the nastiest organisations on the planet - do her own today might have a different result than the commonly expected.
USdollar's Sentiment and public opinion is close to low readings. but not at extreme pessimist levels yet.
Safest road is to follow the trend. Even if it doesn't work , still gives a better sleep
Best of trading
Panos
The Loonie is gold-coloured - part3I'm still bear here. Price has not been not able to close strongly below the down-ward sloping median line and found support. It has then moved up nicely along the reaction line (blue line) and towards the upper parallel. I will wait few more days for the price to move higher. This is also a significant Fib retracement between 13 June 2013 high and 05 July 2013 low. Last one before going on holiday.
The Loonie is gold-coloured - part2As reported in my previous study on the monthly chart the Loonie is coming out of a 2year triangle formation. A Bear flag has formed at the down-sloping median line on the daily chart. A trade below the pivot low will confirm the sell signal with first target objective 0.92.
The Loonie is gold-colouredMajor ABC pattern between March and May has set-up a continuation of the down trend for the Loonie. Currently testing the upper down sloping parallel line. Another green bar or higher high on monday the 10th of June would be ideal to enter the short position.
