USDCAD trend reversal?

I too went long @ 1.0704

1 hour chart

Divergence bar formed at outer bollinger band
cross on fozzy system

will check 4 hour chart to see how it develops.

what target you looking at bravado?

well if you remove all the squiggly lines you'll see that it's still heading strongly south.

i'm not looking at any targets. yet. just don't want it to go below current low.

i hope you are all using good money management.

anyone long at this moment?

Hi All,

Can Anybody Tell Why Cad Become So Strong??????

Keep an eye on GBP/CAD, EUR/CAD, AUD/CAD as well as the USD/CAD. If the CAD trend is over, wait for all the above pairs to show good strength into next week before going long. If you go long now on USD/CAD, a news release tomorrow could mess everything up. That is just my opinion.

Off topic, is that Hilary Duff?

I have asked this question and provide myself with this simple answer: So it could become weak

And the world goes round and round.

Seriously though, one person will say it is because the economy is growing and they might have to raise their rates, another will say it is because of oil and yet another will give some other reason.

exit long usdcad.

limit order set buy @ 1.0720, sell @ 1.0680

changed order:

sell usdcad @ 1.0705.
set limit reverse position to long @ 1.0725.

My current position:

sell @ 1.0702
TP: 1.0650
SL: 1.0735


for your reference~

thank you for the reply
I closed it for only +4 pips

yes it Hilary Duff, but I'm male

usdcad short stoploss set to BE.

I still hold my yesterday`s long @ 1.0690

I'm holding USDCAD short from 0720 (and other prices below it). As NFP is expected strong, I have an army of sell limits all the way up to 0790.

So, my USDCAD short frenzy goes on.

And people keep going long. How crazy is that?
Keep those longs coming

Worth 1,000 words, imo....

Currencies are like stocks to a company. When the fundamentals of a country/company are doing well, so goes the stock. That's part of it, the other part is sometimes irrational exuberance. Like for example China's stock market. Even the Chinese goverment says that about 70% of the companies are not investment grade according to Wester standards.

What makes Elliot Wave theory work is massive crowd psychology. Right now, at least from a technical point, we still have late comers to the Canadian party. Momentum is still very strong from looking at the daily charts. Compare the southerly momentum there using MACD, STOCHASTICS and DMI and then to the USDJPY pair. On the USDJPY pair, we see many dojis, stalling stochastics, DMI crossover and the such, making a probably reversal higher in the usdjpy pair.

Canada's fundamentals? Two thing come to mind, #1 Canada is rich in natural resources of which both US and emerging countries are and will probably continue to be hungry for. # 2 reason is the fiscal responsability of their goverment, ie: budget surplus for the last 13 years. Compare that to the US where we are running massive budget deficits. Basically, the US is spending way beyond its spending limits and so are its citizens.

Having said all that, I feel a little silly right now as I'm long usdcad. While I feel a correction is iminent, I jumped the gun. When it reverses, I'm only looking for a correction somewhere in the 1.1150 to 1.1200 is my target and I'll be looking for substantial signals of a topping again.

Good luck, WillyT

É isso ae Cesar. A galera gosta de dar dinheiro pro mercado. kakakak

Sorry, just a Portuguese small talk...

Cad/Jpy, by the way, has the same strength - the difference being that it is interest positive into the bargain. (though a fall to 111.00 more than possibe for it now)

Verdade... Não há como sustentar uma tendência desta, sem termos compradores abaixo . Portanto, temos de amá-los

Wierd... Just noticed IBFX doesn't have CADJPY