USD/CAD

#USDCAD / H4 & H1

This strategy is low-risk. It involves two positions that will run at different times depending on whether a level breaks (that level is the dark purple line inside of the purple rectangle).
This strategy does not work if the price continues to consolidate, in which the stop losses will quickly be triggered and no profit will be made. It does have some wick-out protection (seen in the stop losses). I believe that as the coronavirus fears ease now is a good time to think about my strat.

The second image (image2.png) is a zoomed out version of the first image on the same candle timeframe (4 hour). It shows the beginning of the purple rectangle.

The purple rectangle shows a rough horizontal channel that USDCAD was trading in from ~July 2019 to before the rona's terror to the markets.
The upper range of the channel is well defined in the purple rectangle. The lower range being less so. The idea for this is that the bottom of the rectangle is a very believable price for USDCAD to return to, should it break the hyothetical resistance that I proposed which is seen inside of the purple rectangle, it is the same line that I bolded earlier. I say hypothetical because although it is being tested in recent times, which gives validation to this strategy.

The long position will work if the level (the bolded word is always gonna refer to the same line btw) acts as a support. It's possible that there will be a double bottom at the support line (even triple idk) and that the long position will not reach take profit. In this case I took an L but my net loss would be very low.

The short position will work if the level becomes resistance as it is broken.

Other thoughts: for the long position if the purple rectangle's upper limit is contained my idea will be invalid. Would anyone here find it more acceptable to take profit at the upper limit of the purple rectangle rather than at a bit below the .618 fib retracement? I think that it would depend on the rapidity of the price movement. If the price is not moving as fast as I would like I will possibly take profit at the upper end of the rectangle, but this would be a hindsight-type move so I will probably keep thinking about it and posting here on my thoughts.
Actually maybe the light blue line would be a good take profit for the long...

Would like to know if any of these ideas resonate with fellow traders on this discussion board's thread. And would appreciate if others could add on or dismantle my idea

This trade closed yesterday... out at 1.3354. Nice made 586 pips

Waiting for 1.36 again.. to get short again..


Finally nice to have some volatility back in this pair

#USDCAD / Weekly

I agree with IDEA 1. Thanks!

Day Trading | H1 Timeframe

Market appears to be forming what seems to be an Ascending Triangle chart pattern.

If market sentiment remains bullish and breaks above the Area of Resistance near 1.3648, price could target the next area of interest near 1.37 before the start of a retracement move.

Retail Sales Data this morning. Results will be interesting.
GE

Please consider taking a look at my Weekly Market Update.

DXY starts at 0:03, USD/CAD starts at 20:05.

I upload weekly analysis every Sunday and daily analysis from TUE to FRI.

Please consider taking a look at my Weekly Market Update.

DXY starts at 0:03, USD/CAD starts at 15:30.

I upload weekly analysis every Sunday and daily analysis from TUE to FRI.

Looking for this potential set-up

how ucad doing fella. any pip caught?

im looking price retest montly pivot. already buying alot

Per my last post... I'm short at 1.3639. trailing stop sitting after this latest dump is at 1.3615....

if ~ 1.3630 breaks we going to at least 1.38...

Market situation has been risk off. GBP/USD falling just as USD/CAD rises. Target for next week is 1.37 or more.

Unless of course something wonderful is announced and the DOW climbs, USD down. Happens all the time it seems. Just have to keep that uptrend intact somehow.

target (USDCAD) is 1.7500 by December. Oil to 10 bucks, or below.

https://www.zerohedge.com/markets/re...ther-usd-rally

Yes, 14% unemployment. Future S&P earnings that are totally unknown now. Freight Shipping, auto sales, GDP, on and on the data is horrific and bleak. Eventually the stock market cannot keep diverging from the real economy. Dollars in demand again soon. The more the Fed throws at it the more expensive things will become until we have STAGFLATION; high inflation. High unemployment and low demand. Dollar demand again.

https://m.investing.com/analysis/sto...mild-200528210

Nothing here but Fed Liquidity.

usd/cad dawn till 1.3431 about 162pips dawn