USD/CAD

It does loook bearish..still selling even when it's oversold in the H1 chart

Maybe the trend is moving bullish ..very difficult to say

somehow oil going south H1..UC could be bull , i hope it will get to 1.3300

I cut my shorts before the close on Friday anticipating the consolidation bounce. Still bearish on the pair targeting 1.3

i would only sell on a daily close below 1.32

Lots of news Wed and Thur. As long as there's no surprise from the fed or cad gdp the price should range between 1.32 and 1.33 this week...new month on Fri.

The downtrend channel on the weekly chart was broken, then we went down very rapidly and not surprisingly we are currently bouncing on what used to be a resistance (now support). As long as we are out and above the downtrend channel I'll keep my long aiming for +1.38

I do not disagree with your position. The weekly chart is bullish since September 2017. And with price consolidating right on top of the 20 ma, it can go either way & the tech view probably favors a bounce. I do see the price moving back to the top of the channel. I'm bearish now because of the current sentiment and strong break of the October 2018 bull run due to the feds slowing up on rate hikes. I'll close my long position before the news and add a sell stop in case my limit order doesn't hit. I'll start buying @ 1.3 unless price breaks the 2017 channel.
Cheers

Daily chart shows a better view of bearish sentiment. Price under & bouncing off of the 20 ma.

USDCAD No mercy Trades at BE TP same.

waiting for it to bounce and then I will sell

Pulback cooming to 1.3240/50 then 1.29!!!!

It is approaching the demand zone at 1.305xx.. Looking forward to enter long there for a target of 1.33000

Lather...rinse...repeat.
Deja Voodoo

Cup and Handle Pattern easily seen on 15 min chart. The target of this pattern if it plays out would be 1.13200

Have fun with it all!

Up next week. 50 WEEK average is too big a technical level not to hold.

An interesting trading idea for USD/CAD

AMERICAN CURRENCY IS STILL UNDER PRESSURE. ATTENTION IS FOCUSED ON THE REPORT ON THE US LABOR MARKET

During the last sessions of the dollar index (#DX) has been showing a negative trend. On Wednesday, there were aggressive sales of the US currency. The Federal Reserve System, as expected, kept the range of the key interest rate at the same level of 2.25% -2.50%. The central bank said it would not rush to further tightening of monetary policy in the current year. The Fed's Chairman Jerome Powell said that the regulator would focus on future statistical data from the United States, the state of the global economy, as well as growing risks in international trade.


At the moment, participants in financial markets have taken a wait-and-see attitude before publishing a report on the US labor market for January on Friday, February 01. These statistics can have a significant impact on the dynamics and further alignment of forces on majors. Recent reports from the United States were ambiguous. Thus, preliminary data from ADP pointed to an increase in the number of people employed in the non-farm sector in January to 213K, which is above market expectations at a level of 180K. At the same time, the previous figure was revised downward from 271K to 263K. The consumer confidence index fell to 120.2, which is the lowest level since September 2017.


Experts expect the main indicators to deteriorate: the number of people employed in the US non-farm sector will slow to 165,000; growth in average hourly wages will be 0.3% (m/m) compared to the previous value of 0.4% (m/m). We recommend paying attention to the difference between the actual and predicted values of the figures.

Let's consider the current technical pattern on the USD/CAD currency pair

1. Support levels: 1.31200, 1.30500, 1.30000
2. Resistance levels: 1.32000, 1.32850, 1.33700

The USD/CAD currency pair continues to show negative dynamics. At the moment, Loonie is testing the local support of 1.31200. The round level of 1.32000 is already a “mirror” resistance. The trading instrument is tending to decline. The confirming signal is the classical figure of the technical analysis, Flag. Indicators also point to the power of sellers:

 

1. - the price has fixed below 50 MA and 200 MA;
2. - the MACD histogram is located in the negative zone and continues to decline.

Additional support for the Canadian dollar is provided by the bullish sentiment in the oil market. Nevertheless, we recommend opening positions from the key levels.

If the report on the US labor market is weak, the USD/CAD currency pair may continue the downward trend. The target level of movement is 1.30500-1.30000.

An alternative could be the recovery of the USD/CAD quotes to 1.32500-1.33000.

Confirmations and entry points to the market should be looked for on lower timeframes. When tracking positions, we recommend using a trailing stop.


The analysis is taken from here.

Taking Profits, possible pullback

not a chance, this thing has an Anvil stuck to its feet.

Based on current momentum it may reach 1.29xxx... This zone would be the possible demand zone.. will be closely watching this pair near that zone.