USDCAD trend reversal?

Wky: STO RSI & MacD down.
Dly: Apr 8 low(9525) prev sup now resistance.

Probable target 9359 (wkly open Nov 7/07) next.

is 9060 in the cards? (Mthly Nov/07 low STO o/s but RSI not as extreme)

US$ weakness isn't going to reverse overnight.

Keep yer stick on the ice.

Happy Easter to all.

Tipping point,
This past week started with the rally in USD Index and then with S +P release for US Federal debt outlook took the wind out of the sails.
Panic set in and the Euro climbed. Gold broke to the upside.
Is this to continue? The market is trading on fear of Bernanke response not on underlying truths.

In the US the roads are emptying. People have hit their limit on the gas price hikes and now will travel for good reason only.

A stronger Euro will only damage peripheral countries and the risk of default by Spain rises with the Euro.

Can this be prevented by more stimulus is the question the markets have to answer. So far rising commodity prices are now being factored into everyday lives. This will change spending habits as income will not keep up with cost rises.

Debt has been reduced to an extent, but not enough that family balance sheets are free to expand again.

Fear of inflation or fear of debt default will haunt price action in the near future.

High volatility range bound continues to be the big picture. So fading the extremes once identified remains the trading strategy employed.

This whole thing could trigger into a really massive trend with a Spainish default. Just has not occured as of yet.

With the coming debt ceiling battle to play out in the US day traders should be on top of the world, as each night they get out of the market.
Each day provides more then enough swing in price action to make some really good profitable trades.

Last long USD pair trades provided a scratch as, as fast as the gains occurred, market price action reversed. USD bears had the last laugh for the week.

Will wait for another chart confirmation for a reversal before entering again.
Good luck

STO (Dly) going up $ @ Apr 11 prev support.
RSI still <50.

Retrace to 9625? ( I am atrocious re: retraces) So no counter-trend trades especially with Wed FOMC & Big Ben's narrative.

Trend down TOO strong to swim against, Another sell @ 9499 (under today's low).

Worrythat loonie's tie to US$ will affect Cad/other pairs.

Keeping my stick on the ice.

FOMC: should be a good guide to sell entries (re:U/Cad)

Big Ben's comments (once dust settles) should give indication as to place sell entry.

I am still U/Cad bear

Poutine for all who bet that Nashville Predators win the Stanley Cup.

Hey Scarecru. I hope you're trading well. I too am nursing some Ucad shorts from .9613. I want to close a couple at .9484 but haven't had a chance yet. Maybe soon. But I can see futher downside unless Big Ben surprises us.

Hey Duce: good to read you guy.

9484 probable green pips for you.

I be selling BUT usdindex getting extreme COT positioning so I am more wary of US$ strength coming.

Also, E/CAD G/CAD A/CAD pairs all going up.

My plan smaller TPs ( more wins but smaller profits still pad my account).

Thanx Scarecru. Same to you sir.

I'm not surprised about the loonie's strength (as a result of USD weakness), but I am a little surprised that our federal election campaigning is going unnoticed. News that the NDP could possibly become the official opposition should send our loonie down. Another (weaker) minority government. But I don't think anyone is paying attention. Nobody really cares. Heck...I don't even care. But I will vote.

Bravo Duce: appears that yer 9484 wish ( actually, yer astute trading ability)
profited you

Keep up the good fight & don't be a stranger here.

You been watching SunNews? Weekend had a segment: Caldwell mkt news ( or sumthin) that's where I picked up tidbit re: loonie & US$ ( thus; my watch other Cad pairs).

Gonna looksee if NDP's rising fortunes filtering into loonie weakening
Would appreciate any thoughts from your end.

My take is mkts comfortable with Harper ( more so if majority) Thinking to be up when election results finished ( maybe, even during returns).

Fri end of month. Account balancing may lead to up/down same old/same old
(lot of good scalping but no movement as per Wed/Thurs candles)

My bias ( commodities high & US$ weak) is looking for sell opportunities.

Esp<9450 with 9400 target.

As per prev post: the C/Y dropping & E/cad, aud/cad etc rising
(Layton or US ties? Don't know; don't care.) Just going with the flow. Been great green strategy this week

Still watching USDX & it's extreme COT positioning for upset in the works.

Good on you Duce.

I hope that more people decide to exercise their democratic right to cast a ballot.

Wrt the upheavals in Syria, Yemen, Egypt, etc. I feel that it is better to decide your government via ballots instead of bullets!

you mean target and support?

CLC: nice chart

Tip: Cad elections, so I'm thinking 7pm EST might be good scalping (as election results are coming in & traders might get hint of any gov't change.

The Wly U/CAD has pa @ 9449 ( the '07/11/4 close).
I have TPP 9358 ( the '07/10/28 close). Feel more comfortable since Wkly indicators extreme O/S. Election May 2nd may show retrace so I won't near-term decide my bias.

Truly afraid of Jack O's positioning tomorrow. The man in my opinion is the epitome of a politician. Against the olympic bid for T.O.("bread not circuses") then the #1 Cad hockey fan in 2010 ( pushing people's limbs away if they interfere with his photo ops). His cabinet material: guy in Alberta who thinks the war in Afghanistan is not to fight the Taliban; but to build an oil pipeline to the US. Gal in Quebec who is on holiday in the US (instead of campaigning) who doesn't speak French { this info from news
reports}

Reminds me of a pancake ( FlapJack in the vernacular). When the heat gets too high,he has to flip over to avoid being burned!

Wrong subject: should be support.

Commodities & comm$ hit.

U/Cad indies going north.

Down TL (04/27-29)Dly break.

retrace 9600/22 ( down TL mar 15-apr 18 & prev supp apr 1st)

Caveat Emptor:I posted that I'm no good @ retraces. Sitting this one out.
(My countertrend record is slightly better then the Liberals in the last Fed election).

Now JackO is opposition leader:
he now has to dance to the sovereignity puppeteers.
Questions: now that there is a solid majority,will his theatrical grandstanding cease & is there any talent in his elected officials to mount an effective opposition?

Poignant comment & questions. This should be on every Canadian's mind. But I also think that Quebecers have resigned themselves to the fact if they don't play nice with the governing federal Alliance...oops, I mean Conservative party, they will not get any favours. Jack's got his work cut out for him. But the CAD should do well now that the pro-business Conservatives have a majority. Hopefully they will act morally as well as financially.

The cad IS doing well LMAO.....it's doing gang busters, if anything it'll pull back a bit now.

my long term target has been .92xxx. but scalping in between has been good. If this bounces too much though, i will re-evaluate. But my current plan is still down.

Yo DUCE: scalps good.

I'm still watching Dly downTL (mar 15-apr 18) respected today.

Don't appear reversal in US$ fortunes in the works as yet.

NFP Fri may be pip scalping time.

Who you got for Stanley?

Keep yer stick on the ice