USDCAD trend reversal? | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

(False) Breakout & Trend Reversal Strategies?? 12 replies

Trend Reversal Confirmed? 0 replies

POLL- Trend Reversal or Retracement 0 replies

Are we close to TREND REVERSAL? 5 replies

Attachments: USDCAD trend reversal?
Exit Attachments

USDCAD trend reversal?

  • #1
  • First Post: May 12, 2007 7:46am May 12, 2007 7:46am
I'm seeing a USDCAD trend reversal on the 4H chart, or at least a serious weakening of the downtrend.

What's your analysis on this pair guys?
Attached Image
  • #2
  • May 12, 2007 7:50am May 12, 2007 7:50am
In my endeavors, I totally agree....
  • #3
  • May 12, 2007 8:45am May 12, 2007 8:45am
I am already long at 1.1135 based on 4H. So, I will be in for sometime. I am looking at 200 pips.
  • #4
  • May 12, 2007 1:39pm May 12, 2007 1:39pm

I will long if it take another plunge back down to 1.10s. And i'll hold it for couple of months.

  • #5
  • May 12, 2007 5:12pm May 12, 2007 5:12pm
I saw that one too, I'm just waiting for it to finish it's current dip before I buy.
  • #6
  • May 13, 2007 9:35pm May 13, 2007 9:35pm
I guess I am wrong for shorting this pair then. Its a little confusing for me. Looking at the 4H and daily it looks like a sell @ least for now
  • #7
  • May 13, 2007 9:45pm May 13, 2007 9:45pm
im gonna have to say south, but who knows, they dont call it the looney for nothing
  • #8
  • May 13, 2007 10:09pm May 13, 2007 10:09pm
Quoting shadeslay
I saw that one too, I'm just waiting for it to finish it's current dip before I buy.
I'm gonna wait to, if it falls through the support at 1.1089 ( on the 4hr ) it could go further south and find support on the daily chart at 1.1004 ( as I was typing this it fell through the support so lets see what happens )....
  • #9
  • May 13, 2007 10:14pm May 13, 2007 10:14pm
D1 chart on last friday, there's a possibility this week it will go down, if today's candle form a bearish candle
  • #10
  • May 13, 2007 10:44pm May 13, 2007 10:44pm
It looks like price bounced off the upper channel and the 100SMA and is heading back down to either the 50SMA level or lower.

Or it may just break out of that downward channel and head to 150SMA. No one knows for sure, but when i see the move I will take it. No sense in trying to pick tops and bottoms.
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad.jpg Size: 38 KB
  • #11
  • May 14, 2007 6:03pm May 14, 2007 6:03pm
It looks like USD/CAN is still going down.
  • #12
  • May 14, 2007 6:11pm May 14, 2007 6:11pm
If you only consider the last weeks price action, it looks pretty bullish, looks more like its on sale to me !!

As long as we stay above 1.10, a break above 1.1170 is pretty bully from this pullback. Taking a small long here, and adding on a break higher.
  • #13
  • May 14, 2007 7:03pm May 14, 2007 7:03pm
Quoting WhipSawFX
If you only consider the last weeks price action, it looks pretty bullish, looks more like its on sale to me !!

As long as we stay above 1.10, a break above 1.1170 is pretty bully from this pullback. Taking a small long here, and adding on a break higher.
Well said... The supprt on the 30 min chart is holding it around the 1.1053 area......
  • #14
  • May 14, 2007 7:13pm May 14, 2007 7:13pm
Quoting WhipSawFX
If you only consider the last weeks price action, it looks pretty bullish, looks more like its on sale to me !!

As long as we stay above 1.10, a break above 1.1170 is pretty bully from this pullback. Taking a small long here, and adding on a break higher.
I am still having a bullish outlook on that pair , I think if there is not a trend reversal here, then there may be at least a correction or retracement. I just wonder about today's bear candle, I wonder what is the cause? because there are some indicators re-pointing down already here, but let's stick with the bullish view.
  • #15
  • May 14, 2007 10:27pm May 14, 2007 10:27pm
Well the looney has breached the 1.1053 support on the 30 min chart it may drop some more to the support on the daily at 1.1004 before going up we'll have to wait and see.....
  • #16
  • May 14, 2007 10:51pm May 14, 2007 10:51pm
It's bullish. And I'm buying @ 1.1015, TP @ 1.1135
Nihil Sine Deo.
  • #17
  • May 14, 2007 11:07pm May 14, 2007 11:07pm
FWIW, that's one of the most clear and concise head & shoulders patterns I've seen recently. 1169 - 1095 (neckline) places a target sell-off to the 1031 level..
Attached Image (click to enlarge)
Click to Enlarge Name: cad.gif Size: 12 KB
  • #18
  • May 15, 2007 9:49am May 15, 2007 9:49am
Quote
Canada's Dollar Climbs to 11-Month High on Shipment Report...$/CAD trades below 1.10 and pops to 1.1015/20 but remains under pressure

USD/CAD avalanche may just be geting started

Oil Rises on Signs Demand Will Climb on Higher Fuel Production....Oil is currently +0.38 @ 62.84

We are hearing this move is all stop loss related. fundamentals are not making much sense today. The only currency that is making any sense is dollar cad, and it looks heavy still

Just some FX commentary. I'll hold my longs for now.


Attached Image
  • #19
  • May 15, 2007 10:38am May 15, 2007 10:38am
I think soon CAD back , because of buy pressure.
  • #20
  • May 15, 2007 10:52am May 15, 2007 10:52am
Quoting viking
I think soon CAD back , because of buy pressure.
What is buy pressure?
I can only see a large trend down on any timeframe, especially longer ones; It screams its lungs out to sell it.
-soso
0 traders viewing now