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USD/CAD

Quoting Beyfor
{image}
UPDATE

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After buying and waiting for a week in consolidation, it closed me before taking off
My mistake was using a trailing stop

https://t.me/fxean/981
https://www.tradingview.com/chart/USDCAD/bFEe0TFv/
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We can't control the sea, but we can learn how to surf the waves.
Quoting Rajni1
{quote} Amazingly all are long on usdcad. Im looking for 3210 and 3317
closed all longs in profit. waiting for correction to ride it again.
Bread & Butter sell in USD/CAD

Fundamentals: USDCAD retraced up by dint of dovish BOC statement today (BOC may cut Overnight Rate in Jan).

Then Fed rate cut of 25bp was announced later today.

But at present, the fact is rate cut by Fed and no rate cut by BOC and dovish BOC has already been priced in. Therefore, recent dovish FOMC press conference will push USD/CAD down again a little bit and it can reach 1.3105 (± 3.0) pips that is FIB61.8 of whole move up since yesterday.


Technical analysis: A downward thrust that makes a ground of bread and butter, was formed with all candle closed below 3x3 SMA (blue line). The idea of bread and butter is market will restart going in direction of thrust after retracement, then it can go to 61.8% of retracement or even can continue further. Retracement started from ABC->61.8 expansion level yesterday and continued today by dint of dovish BOC.

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Quoting shahab8b
{quote} Those buy orders will get you a margin call someday. You kept buying on a downtrend and lucky to see a favorable move before your account blows up. I understand it is a demo account based on your lot size. But trust me, you wont be profitable in long term with that kind of trading.
U r correct..it’s look like just gambling..n the gambling future is very very dark..it’s a super truth..!!
USDCAD
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Quoting shahab8b
{quote} Those buy orders will get you a margin call someday. You kept buying on a downtrend and lucky to see a favorable move before your account blows up. I understand it is a demo account based on your lot size. But trust me, you wont be profitable in long term with that kind of trading.
- If you neglect all what you learnt about Technical analysis and just merely looked at UC chart:-

a) The period from Oct-24 to Oct-29 nothing broke through 1.3050 so it was known a head of time(before BOC decision) that to buy the $ & sell C$

b) In Oct-29 at the American session, this trade unfolded before everyone' eyes (is to buy UC) and that's what happened in Oct-30

- So, yeah it was priced in decision.
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Quoting Unbiased
Bread & Butter sell in USD/CAD Fundamentals: USDCAD retraced up by dint of dovish BOC statement today (BOC may cut Overnight Rate in Jan). Then Fed rate cut of 25bp was announced later today. But at present, the fact is rate cut by Fed and no rate cut by BOC and dovish BOC has already been priced in. Therefore, recent dovish FOMC press conference will push USD/CAD down again a little bit and it can reach 1.3105 (± 3.0) pips that is FIB61.8 of whole move up since yesterday. Technical analysis: A downward thrust that makes a ground of bread and butter,...
Action ahead of Canada's GDP m/m: Trades are already running with +10.0 pips, we can set SL either at entry price or at 10.0 pips above ask price right before release of Canada's GDP m/m.
Quoting Unbiased
Bread & Butter sell in USD/CAD Fundamentals: USDCAD retraced up by dint of dovish BOC statement today (BOC may cut Overnight Rate in Jan). Then Fed rate cut of 25bp was announced later today. But at present, the fact is rate cut by Fed and no rate cut by BOC and dovish BOC has already been priced in. Therefore, recent dovish FOMC press conference will push USD/CAD down again a little bit and it can reach 1.3105 (± 3.0) pips that is FIB61.8 of whole move up since yesterday. Technical analysis: A downward thrust that makes a ground of bread and butter,...
Continuing with this analysis.
Quoting Unbiased
{quote} Action ahead of Canada's GDP m/m: Trades are already running with +10.0 pips, we can set SL either at entry price or at 10.0 pips above ask price right before release of Canada's GDP m/m.
Stopped out because Canada's GDP m/m. came out to be 0.1% vs forecast 0.2%. Nevertheless, previous actual was 0.0% and this release is still greater. USD/CAD erased little bull move cause by this data in 7 minutes, so we re-entered sell to continue with the trade plan with SL and TP as per the analysis.
Quoting Unbiased
{quote} Stopped out because Canada's GDP m/m. came out to be 0.1% vs forecast 0.2%. Nevertheless, previous actual was 0.0% and this release is still greater. USD/CAD erased little bull move cause by this data in 7 minutes, so we re-entered sell to continue with the trade plan with SL and TP as per the analysis.
worse pair to trade fuck it,,,usd/cad
Quoting pridolfx
{quote} worse pair to trade fuck it,,,usd/cad
Not worse pair. A pair is not bad or good, you just have to look at many currencies and choose to buy better/best against worse/worst.
I had lost just 10 pips and it was a precautionary action prior to release of Canada's GDP m/m but then I re-entered sell to continue with my analysis.

I am still continuing with that sell trade, ignoring NFP.
To understand why I am continuing with sell of USD/CAD, read fundamental of USD after NFP in Fundamental part of this post.
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4h chart shows the downward wave-channel. We can detect 2 attempts to break out above the top wave-line of the downward channel. Both attempts have no great success as price is still trading around the line. This behavior suggests, bears are controlling the zone around top-line. In this case, the movement toward the centerline becomes more real. So, the idea of decline has a priority.

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Let's analyze clusters from the futures market. Note, 6C is the reversed version of USDCAD.
We have there:
1) Selling pressure wave (notice big red delta bars)
2) Erase of bearish progress on the previous down-wave 1.
If futures were really weak, it would resume downward movement (bullish move on USDCAD).

Follow my thread
Oleg Alexandrov, market analyst. Find me in Google
Looking at the daily rate, it has rebounded at the 1.305 support line.
The upside is assumed to be 1.3242.
Looking at the four-hour bar, I still feel the rebound is suspicious.
Put the assumption of price movement once.
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Ninja trader Return This Year: na
Here is how I am trading the USD/CAD in the week ahead,

Inserted Video
#USDCAD / H4
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i think USDCAD have some potenzial to go up at around 1.3110 area, because we have there a trendline support. I would take a smaller long trade there for 20-30 pips, but it also looks like have potenzial to go up over last week high.
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edit: Didn't mean to comment.
probably going down. Here goes my Sell order.
I am on sell mode. Now maybe a little up correction then down again according H4 and Daily.
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