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USD/CAD

  • #12,361
  • Oct 31, 2017 2:32am Oct 31, 2017 2:32am
A chart:

Attached Image (click to enlarge)
Click to Enlarge Name: usdcad171031h4.PNG Size: 42 KB


After a very bullish month we see a classic pattern, a pennant, often leading to a retracement. If the little trendline breaks and drops through 1.28, we could see weaker longs closing and there are several possible targets. In my opinion the technical target of the pennant is the most likely at 1.2680, but there is support at 1.2725. A break of 1.2625 could be longer term bearish.

Classic patterns lead to thoughts like this and my longs are doing very well, thank you. If I decide to cash in my chips, and a million other traders do, then it will all come true.
Gone to a better place
  • #12,362
  • Oct 31, 2017 5:42am Oct 31, 2017 5:42am
i believe we might be still bullish
  • #12,363
  • Oct 31, 2017 5:44am Oct 31, 2017 5:44am
probably 1.2940..anyway we wait for the news
  • #12,364
  • Oct 31, 2017 7:22am Oct 31, 2017 7:22am
high time frame bullish..

but my trade now is bearish~
  • #12,365
  • Oct 31, 2017 7:38am Oct 31, 2017 7:38am
Stacking pips since 2002
  • #12,366
  • Oct 31, 2017 8:11am Oct 31, 2017 8:11am
Stopped in it’s tracks at Friday’s high and the first major horizontal resistance for the week. If youre short there’s still hope because it needs to clear Friday’s high and also one more solid weekly resistance. If you were long before the last round of news you’re in a good position. If you’re thinking about going long from here it may be to risky until all the weekly resistance is cleared. If you’re thinking of shorting from here throw up a post including Marcos and technicals because I don’t see it and I’d like to see the logic because maybe I’m missing something.
Stacking pips since 2002
  • #12,367
  • Oct 31, 2017 8:17am Oct 31, 2017 8:17am
Looking for long targets
Gone to a better place
  • #12,368
  • Oct 31, 2017 8:36am Oct 31, 2017 8:36am
https://tradingeconomics.com

something I find useful. Obviously along side technicals. One is not good without the other.
Stacking pips since 2002
  • #12,369
  • Nov 1, 2017 4:29am Nov 1, 2017 4:29am
Attached Image (click to enlarge)
Click to Enlarge Name: USDCADDaily.png Size: 20 KB
POW!
  • #12,370
  • Nov 1, 2017 6:29am Nov 1, 2017 6:29am
The right end end of your upper trend line should be connected to Friday’s high.

Quoting fxprimate
{image}
Stacking pips since 2002
  • #12,371
  • Nov 1, 2017 6:47am Nov 1, 2017 6:47am
I’m a very strong believer that trend lines and horizontal support resistance are one of the only things that actually hold up when it comes to technicals.

https://dailypriceaction.com/forex-b...aw-trend-lines
Stacking pips since 2002
  • #12,372
  • Nov 1, 2017 7:26am Nov 1, 2017 7:26am
Quoting forexjedi
The right end end of your upper trend line should be connected to Friday’s high. {quote}
Could you post a chart of how you think it should be drawn?
Gone to a better place
  • #12,373
  • Nov 1, 2017 8:03am Nov 1, 2017 8:03am
Heres my exact setup accurate to the time of this post. When the daily handle closes above the TL resistance it then becomes support and a can also also be used for entry from a bounce.

Quoting smikester
{quote} Could you post a chart of how you think it should be drawn?
Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2017-11-01 at 09.00.59.png Size: 117 KB
Stacking pips since 2002
  • #12,374
  • Nov 1, 2017 8:38am Nov 1, 2017 8:38am
The fomc statement could push this to new heights.
Stacking pips since 2002
  • #12,375
  • Nov 1, 2017 8:43am Nov 1, 2017 8:43am
that’s my face when I think about the potential of this pair.
Stacking pips since 2002
  • #12,376
  • Nov 2, 2017 3:03am Nov 2, 2017 3:03am
if you are looking to make some money tomorrow, this pair will be very volatile for the traders who are gambling but a good area of profits if you`re trading the price
  • #12,377
  • Nov 2, 2017 3:19am Nov 2, 2017 3:19am
Quoting forexjedi
Heres my exact setup accurate to the time of this post. When the daily handle closes above the TL resistance it then becomes support and a can also also be used for entry from a bounce. {quote} {image}
Thank you.
Gone to a better place
  • #12,378
  • Nov 2, 2017 7:25am Nov 2, 2017 7:25am
There is a double top at 1.2916, so I think we might see a move to the downside. However, we should also keep in mind that the NFP data will come out tomorrow and then there should be a lot of volatility.
  • #12,379
  • Nov 2, 2017 3:41pm Nov 2, 2017 3:41pm
I agree agree with you. The handle stopped dead at Friday’s close but also failed to break Friday’s range in either direction and is currently sitting on a triple bottom (daily). However the handle was also rejected at at last Friday’s high creating a triple top (daily) and failed to clear any weekly resistance. It’s gonna be hard to do worse then last months nfp at -33k so I think my focus will be on wage growth. Bad data will prob send the handle down to 1.26 to buy a bounce. Good data maybe up to 1.30 but it’s gonna have to be really really good data.

Quoting dianajs
There is a double top at 1.2916, so I think we might see a move to the downside. However, we should also keep in mind that the NFP data will come out tomorrow and then there should be a lot of volatility.
Stacking pips since 2002
  • #12,380
  • Nov 2, 2017 3:45pm Nov 2, 2017 3:45pm
Id say average hourly earnings would need to be 0.5 or higher m/m just just break last Friday’s high.
Stacking pips since 2002
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