USD/CAD

There are certain pairs where the fundamentals drive it more.

UC - this is basically an oil proxy. Oil up then CAD down so UC goes up! Don't believe me look at EC and it shows the same movement today as UC - the CAD is driving the pair.

AU - this is a commodity China proxy. China does good and needs commodities then AUD goes up so AU goes up

It used to be that USD and JPY and CHF were the currencies people chose for risk off, now not so much....

Interesting times....

Thanks for the info.

I can see a RSI divergence on 4hr chart great place to short UC

Here's my take on USDCAD, from the technical perspective of a medium-term swing trader.

USDCAD price action on the daily time frame is in a bullish corrective mode in a technically bearish market. We may see further northward price action for probably a bullish retest of the 1.30300/1.3172 nestled supply zone (red) before a southward turnaround.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)

we came to support

Loos like a rangy day setting up on M5. The break of yesterday's low has failed during the Asian session, might want to scalp long if there's another rejection around that area.

# 1.26868

#USDCAD / H4

The bullish mode on the USDCAD market is being challenged by bears. On the daily time frame, last week Tuesday, price action made a bearish retest of the 1.26580/1.26380 demand zone (blue) but rejected it with a bullish pinbar on Wednesday. This was followed with bullish continuation prints on Thursday and Friday. However, the candlestick printed on Friday has a long bottom wick, which indicates a drag to bullish momentum. Technically, we may still have some bearish pressure before any further bullish drive.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)

Long in at 1.2745

Whopping Key Reversal on the hour chart
Likely Key Reversal on the 4Hr chart
Classic Tight MACD lines Divergence on the Daily Chart, with price right up at the top of a large range testing previous highs

https://www.tradingview.com/x/Ly8oAX4B/

erm.....Short!?

Trick will be getting a good entry.....sometimes these can just fly, but I am adverse to hitting trades too aggressively with such a big distance from where the SL needs to be.

Shorted at 1.285

Never touched it. As I suspected, it just took off.........

......so why didn't I just hit it?

.....cos would have had to have had SL far to high up the chart, and it would have drove me nuts had price came right back up to test upper reaches of key reversal candle.

was well out of hours as well, when it put in tight little semi-tradeable M pivot at around 3am GMT.

I got stopped out at the first, because wrong swing high and low on fibo. 1h candle showed good rejection.

Update, price reached 76.8 level. May be a good entry. Good luck.

Update 2, I was wrong but still holding it. Long term target is previous week's low at 1.26x

I’m still learning to be more patient broke my rule not to trade on asian session again!

Back to the chart, price couldnt close above 1.28100. Is this the signal it will take liquidity at 1.276xx or even lower?

Fuck Fibs and Candle patterns!

Think in terms of equilibrium zones and path of least resistance first. Get trade location right, and all the other b.s. will magically start to work, get trade location wrong, and all the other b.s. will frustrate.


Blue box in chart above shows the a major Daily S&D zone, that the 4Hour Key Reversal and Daily pin bar registered against, signalling the change in trend.

Currently price is right between two S&D zones. taking a trade based on a candle in there would be to me, like taking in a trade in-no mans land. If I was going to shoot long, I would want to see price test the lower Yellow 4hr S&D zone, and provide some reversal confirmation.

I would consider shorting from the middle Yellow 4 hr S&D zone if given the right signals, although ideally, I would prefer to fade a much deeper retrace into the big Key Reversal Candle, where I would ride a bumper rr trade right back down from within the blue S&D zone, to the lower 4Hr S&D zone.

Time to throw some longs after taking profits on shorts ?

Load the boat on CAD longs

#USDCAD / H4