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USD/CAD

  • #15,761
  • Nov 7, 2020 4:06pm Nov 7, 2020 4:06pm
Quoting OnlineAddict
Yeah, the 1.30 area is probably a good place to buy UC...and with a SL of 50 pips and a target of 500 pips or more, what could beat the RR ratio?
This coming week, or maybe just Monday, the rewards will outweigh the risk imo. Joe was never good for oil, and price action is already pretty low on the RSI. In other words, UC is due for a bounce. Longer term however isn't as clear to me. Overall I think the USD will continue to weaken as stimulus checks will be probably be the first hurdle to cross after this past week's election.

That's all just an opinion though. I'm wrong often.
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If you're gonna be a bear, be a grizzly
  • #15,762
  • Nov 17, 2020 10:12am Nov 17, 2020 10:12am
time to long this one? i've orders in @ 1.30815 ish
In tea leaves we trust!
  • #15,763
  • Nov 17, 2020 10:37am Nov 17, 2020 10:37am
Quoting Mcbeaners
time to long this one? i've orders in @ 1.30815 ish
Oh, I think so given the weakness in oil and the indexes.
Be humble or be humbled.
  • #15,764
  • Nov 17, 2020 10:41am Nov 17, 2020 10:41am
Quoting warrensapp
{quote} This coming week, or maybe just Monday, the rewards will outweigh the risk imo. Joe was never good for oil, and price action is already pretty low on the RSI. In other words, UC is due for a bounce. Longer term however isn't as clear to me. Overall I think the USD will continue to weaken as stimulus checks will be probably be the first hurdle to cross after this past week's election. That's all just an opinion though. I'm wrong often. {image}
A very astute analysis and thank you for that. I also think the weak dollar theme is now played out. USD/CAD up.
Be humble or be humbled.
  • #15,765
  • Nov 17, 2020 11:05am Nov 17, 2020 11:05am
didn't get a fill (at least so far) so got some @ market 1.31106
In tea leaves we trust!
  • #15,766
  • Nov 17, 2020 11:45am Nov 17, 2020 11:45am
Quoting Mcbeaners
didn't get a fill (at least so far) so got some @ market 1.31106
Tea leaves working well?
I will tear the world apart for you.
  • #15,767
  • Nov 17, 2020 12:17pm Nov 17, 2020 12:17pm
Quoting Temujin
{quote} A very astute analysis and thank you for that. I also think the weak dollar theme is now played out. USD/CAD up.
OPEC cutting further production - lessening the supply chain, should benefit the Loonie. I said it once, and I will say it again - I could always be wrong, these are just my opinions.
If you're gonna be a bear, be a grizzly
  • #15,768
  • Nov 17, 2020 12:46pm Nov 17, 2020 12:46pm
Quoting Barnell
{quote} Tea leaves working well?
some days teas leaves good some dayz not so good. i love a good haed fake.

let's see do you post your trades...ah no. shame we could compare notes.
In tea leaves we trust!
  • #15,769
  • Nov 17, 2020 2:08pm Nov 17, 2020 2:08pm
Quoting Mcbeaners
time to long this one? i've orders in @ 1.30815 ish
tip about tea leaves, always go with your original entry point they are almost always correct. Barnell knows this i'm sure.
In tea leaves we trust!
  • #15,770
  • Nov 17, 2020 9:50pm Nov 17, 2020 9:50pm
Quoting warrensapp
{quote} OPEC cutting further production - lessening the supply chain, should benefit the Loonie. I said it once, and I will say it again - I could always be wrong, these are just my opinions.
Makes sense but cutting production in this environment is a bearish signal because inventories have shown a build and not a draw down at least 2 weeks in a row. Bad retail sales and Record COVID cases are kind of putting a damper on risk sentiment with stocks. USD is going to start benefiting in a risk-off mode scenario. Oil is just one driver for the pair.
Be humble or be humbled.
  • #15,771
  • Nov 18, 2020 5:05am Nov 18, 2020 5:05am
#USDCAD / Weekly, Daily & H4
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  • #15,772
  • Nov 18, 2020 5:52am Nov 18, 2020 5:52am
Quoting Temujin
{quote} Makes sense but cutting production in this environment is a bearish signal because inventories have shown a build and not a draw down at least 2 weeks in a row. Bad retail sales and Record COVID cases are kind of putting a damper on risk sentiment with stocks. USD is going to start benefiting in a risk-off mode scenario. Oil is just one driver for the pair.
Interesting - in your experience, is it just in this environment, or have you noticed it is usually the case when OPEC cuts production its a bearish reaction to over supply?
If you're gonna be a bear, be a grizzly
  • #15,773
  • Nov 18, 2020 5:56am Nov 18, 2020 5:56am
Any nice tp area for uc short?
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  • #15,774
  • Nov 18, 2020 7:30am Nov 18, 2020 7:30am
time to short caddie? say @ 1.30848 ish
In tea leaves we trust!
  • #15,775
  • Nov 18, 2020 10:49am Nov 18, 2020 10:49am
closed here @ 1.3047 ish . have better areas to play. namely silver long.
In tea leaves we trust!
  • #15,776
  • Nov 18, 2020 2:28pm Nov 18, 2020 2:28pm
looks to me that they are loading up long usdcad for the news tomorrow. might get back in later during the asian session.


CAD ADP Non-Farm Employment Change
In tea leaves we trust!
  • #15,777
  • Nov 18, 2020 8:23pm Nov 18, 2020 8:23pm
The outlook for oil (and therefore CAD) is very negative with big covid waves in both the US and CAD. So even with new US stimulus, I think the CAD will still be weaker.
  • #15,778
  • Nov 18, 2020 9:38pm Nov 18, 2020 9:38pm
Quoting NagaMan
The outlook for oil (and therefore CAD) is very negative with big covid waves in both the US and CAD. So even with new US stimulus, I think the CAD will still be weaker.
I'm not going to pretend that the people running the oil companies are dummies. Your hypothesis may be right, but they know exactly what you are thinking, they have already seen the writing on the wall. I presume production cuts will continue due to the pandemic and the Joe Biden presidency. In the near future oil could go up in price - when supply goes down, price goes up.

5 to 10 years after the pandemic however, EVs are going to take over the auto industry, that is when we will truly test the real lows of oil imo. Until then, big oil is going to squeeze as much out it as they can. Why wouldn't they?

No one has a crystal ball, this is all just speculation.
If you're gonna be a bear, be a grizzly
  • #15,779
  • Nov 18, 2020 9:56pm Nov 18, 2020 9:56pm
i know in the past folk used to correlate crude, and commodities with cad but still worth looking at? i'm doubtful.
In tea leaves we trust!
  • #15,780
  • Nov 19, 2020 4:45am Nov 19, 2020 4:45am
Sell @1.3113 -> TP 1.3065
L-H-LH-HH -> B // H-L-HL-LL -> B
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