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USD/CAD

USDCAD broke above the bearish trend line on the 4-hour chart, suggesting that consolidation for the downtrend from 1.2920 is underway. Range trading between 1.2499 and 1.2600 would likely be seen in a couple of days. As long as 1.2600 resistance holds, the downtrend could be expected to resume and another fall towards 1.2400 is still possible after the consolidation. Only break above 1.2600 resistance could signal completion of the downtrend.
big move to the downside today

will it go down to 1.21 now since the odds of a BOC rate hike have increased?
Don't Worry Be Happy
Quoting MrPresident
big move to the downside today will it go down to 1.21 now since the odds of a BOC rate hike have increased?
Much further.

1.10 is likely given BofC might hike twice in a row again (or hike by 0.50 basis points) to be in parity with the US in terms of the interest rate.
"You are removed from here." - Davit
Quoting MrPresident
big move to the downside today will it go down to 1.21 now since the odds of a BOC rate hike have increased?
Insane lol. Went from +0.16% to -0.82% in an instant lol
I don't understand the CAD jobs report because I live in Canada and finding full time work with a decent wage is very hard. There were more part time jobs in December due to the holidays and this doesn't indicate economic health.
Don't Worry Be Happy
Quoting MrPresident
big move to the downside today will it go down to 1.21 now since the odds of a BOC rate hike have increased?
Am bleeding on the pair . But the monthly bullish still valid- Pin Bar. Good for scalping short till the last recent support
Make all possible mistakes in Demo and rain in pips in live account
Quoting OhComeOn
{quote} OMG!! That is a pretty good indicator, but even better when combined with this! {image} TOTALLY MAXIMIZED WITH MAGIC 8 BALL!!!!
Alright, who's the wise azz that switched my coin?! Sheesh, what a pain in the butt day.
"What the wise do in the beginning, fools do in the end."-Warren Buffet
Quoting MrPresident
I don't understand the CAD jobs report because I live in Canada and finding full time work with a decent wage is very hard. There were more part time jobs in December due to the holidays and this doesn't indicate economic health.
I know right? I live in Alberta. Nothing the gov is doing makes any sense.
Quoting MrPresident
I don't understand the CAD jobs report because I live in Canada and finding full time work with a decent wage is very hard. There were more part time jobs in December due to the holidays and this doesn't indicate economic health.
its not a surprise that all indicators are manipulated or lagging with reality .

after all, countrys need a good credit score
hi, I'm new to this and not long been trading either so please go easy on me lol. I was one of the unlucky people to have brought the usd/cad trade not long before it dropped loads, do any of you you believe it stands a chance of rising again next week because as it stands I'm down a lot of money?
Quoting Glenchilds
hi, I'm new to this and not long been trading either so please go easy on me lol. I was one of the unlucky people to have brought the usd/cad trade not long before it dropped loads, do any of you you believe it stands a chance of rising again next week because as it stands I'm down a lot of money?
This is hard to say, however I will say CAD is very strong right now and USD is weak. I highly recommend not to utilize the Martingale method to lower your entry point unless highly skilled at identifying top and bottoms. Tends to burn majority of people. A key piece of knowledge I will share that was shared with me several years ago is that you must be willing to cut your losses. However I know the most frustrating thing is to cut a heavy loss and the next day the pair skyrockets into the opposite direction and would have saved you. I only trade what I see, and tend to stay on the 4H and 1D charts. If you are not margined heavily, it may be just a waiting game to minimize losses or make a small profit. There are a lot of good traders on Forex Factory, and they have a lot of good insights. It is easy to get discouraged, but remember, it is when we fail that we learn how to succeed.
"What the wise do in the beginning, fools do in the end."-Warren Buffet
Quoting OhComeOn
{quote} This is hard to say, however I will say CAD is very strong right now and USD is weak. I highly recommend not to utilize the Martingale method to lower your entry point unless highly skilled at identifying top and bottoms. Tends to burn majority of people. A key piece of knowledge I will share that was shared with me several years ago is that you must be willing to cut your losses. However I know the most frustrating thing is to cut a heavy loss and the next day the pair skyrockets into the opposite direction and would have saved you. I only...

Thank you very good advise!
slowly learning.
Thank you, great little read that. I will take your advice onboard. As far as this share goes lets hope it rises, i will hold on to it for a few days see how it goes.
Important week for the CAD.
Quoting arigoldman
Important week for the CAD.
Why is it an important week for CAD? As far as news goes, there's just one red news on Tuesday.
Here's Tom with the weather.
Quoting Glenchilds
Thank you, great little read that. I will take your advice onboard. As far as this share goes lets hope it rises, i will hold on to it for a few days see how it goes.
For those of you who are new to this, I am going to post something I wish I would have been told. I trade on the MT4 platform so here are some indicators & tips I have found helpful in the past or currently. PLEASE, for the more experienced traders, I hope you contribute to this short list. My goal is to help these individuals on the 4H or 1D charts without adding confusion on the lower time frame advanced techniques. I applaud everyone for trying to earn additional income and make a better a life for yourself.
Tips:
-It is not a race, don't over leverage, and be sure to use Stop Loss (SL), indicators available to help.
-Goal is to protect your capital.
-Use a Trend indicator and only trade with the trend.
-Get a Currency Strength(Pair Strength Analyzer) indicator.
-Load PSAR to help you identify pattern of trades you are in.
-Understand how indicators function so you can modify input levels to benefit your strategy.
-Have a plan for taking profit(TP), don't be greedy and think every trade is going to give you 100 pips.
-Focus on 4H(4 Hour) & 1D(1 Day) charts.
-Set trading rules for indicators and only trade based on those rules, highly likely you will get burned if you break the rules several times.
-Understand your trading strategy (Trend, Scalp, etc)
-Do not overload your screen with to many indicators, it will cause you to 2nd guess yourself.
-Do not follow every posters trading advice in forum(go with your own decisions or you will be running in circles and lose money).
-If following a 4H or 1D strategy, DO NOT be flipping through 5 minute, 15 minute, 30 minute, & 1 hour charts to guess where market is going.
-News does not affect 4H, 1D, & 1 week charts as much as lower time frames, but there are indicators so you know when red news is coming. Be careful of red.
-Do not chase a news report, get out and wait for trend to continue or reset. Chasing can burn your money very fast when it reverses with a new release.
-Some pairs such as EURUSD can defy logic, physics, and news. I prefer to avoid chaos and believe in stable pairs.
-Watch out for Mondays and Fridays. People are getting back into market on Monday, and taking profits on Friday.
-If you are scared of the direction your investment is heading, you may be over leveraged.
-Know your skills, do not try to trade past them. I am fully aware there are many traders that are much more knowledgeable and more successful than myself, and that's okay.

Hope this helps, I am sure there are many more tips that will be added.
"What the wise do in the beginning, fools do in the end."-Warren Buffet
Quoting OhComeOn
{quote} For those of you who are new to this, I am going to post something I wish I would have been told. I trade on the MT4 platform so here are some indicators & tips I have found helpful in the past or currently. PLEASE, for the more experienced traders, I hope you contribute to this short list. My goal is to help these individuals on the 4H or 1D charts without adding confusion on the lower time frame advanced techniques. I applaud everyone for trying to earn additional income and make a better a life for yourself. Tips: -It is not a race, don't...
Thanks for the tips, looking forward for more of it.
This is for the newbies, USD got stronger today on the 4H currency strength indicator, CAD weakened, lets see if this continues for the next 2 days. Interesting to see if Crude Inventory report will be higher than forecast(less than -7.4, for example -5.2), if so, should have spike up. If higher negative than -7.4(example -8.2), going to see the drop to a lower level. Did well playing weakened EUR pairs as well as strong NZD pairs. Shorting EURNZD was totally great, is still in down daily trend but entering a retrace to breathe, will re-enter short for a further drop down when retrace peaks. I only trade what I see, I do not try to dictate the market, as a retail investor we have no control over the market. Good strategies for entry, SL and TP are key. I am not interested on capturing every single pip, nor guessing the exact top or bottom. As long as I make a consistent 30-90 pips per day, I am happy. There are many traders on here more experienced than myself, and able to trade on much lower time frames, I am okay with my strategy, it works for me and I get consistent returns. With that said, I am constantly trying to learn from some of the great traders here, they have taught me much of what I am passing on to some of you. It is my belief, there is a lot of knowledge to be shared from so many people. Remember, when we fail, we learn how to improve.
"What the wise do in the beginning, fools do in the end."-Warren Buffet
Alright, so I have gotten some private messages, and I see there is a common theme. To clear up any uncertainty that may or may not exist, I DO NOT predict where the market is going, I follow it. It is through experience that I learned trying to predict the market is a very fast way to lose money. I simply follow the market and my indicators on a higher time frame.

On another note, 4H strength indicator showing USD continues to get stronger today while CAD continues to weaken. Remember, tomorrow is Crude Oil Inventories data, this typically has a large impact on the day of release for USDCAD.

Trade smart and green pips will follow.
"What the wise do in the beginning, fools do in the end."-Warren Buffet
Does anyone know if the crude oil report will better this trade or not? I still need it to rise above 1.25000 to get my money back.
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