DislikedPB's have not worked well for me with USDCAD for a long time. When first going through this thread I demo traded the USDCAD and PB's did not work well then either.
I think you have to acknowledge fundamentals once in awhile even when using PB's, and each pair is different. For USDCAD look at oil prices, since the US imports a lot of oil from Canada, going long right now doesn't work IMO.Ignored
That's a lot of BS imho, no offense (fundamentals and oil having much to do with stuff working on USDCAD or not. Charts will work or fail on their own merit imho and the other stuff is a nice headsup which I will immediately admit to referencing as well, but I won't ever say hey there's oil rising so USDCAD has to fall now or enter a trade based on one factor alone, no matter which factor that is. I've seen a lot of decorrelation of Gold + exotics and Oil and USDCAD).
USDCAD this time around worked because EURCAD finally hit it's .618 retracement as well. Since EURUSD remained strong USDCAD had to fall to get that retrace done. Sounds messed up, but that's what it was in my personal conviction. USDCAD also underperformed EURCAD miserably today obviously, as we got a major selloff of the USD.
Here's the .618 retrace of the daily, weekly AND monthly PB on eurcad which ended in a daily PB and then took off insanely hard today.
Left it behind myself for +120 since I wanted to stay bearish on the USD (am long EURUSD) and not depend on USDCAD to rise as well - which it did nonetheless.
This was one of the best trades you could get. A PB at .618 retrace, three timeframes agreed AND EURUSD had shown 4h bullish setups as well. Also s/r. I can't invent any more reasons to scream "this will rise" more loudly.
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Trust price. Know yourself.