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  • #11,301
  • Apr 28, 2017 12:39pm Apr 28, 2017 12:39pm
Quoting newbegger
{image} Ok, just watching the close here. This pair has been on a tear, a weely close above 1.3648 should make the weak USDCAD shorts cover. I am thinking if we close above 1.3648, I am putting in a buy order around that area, stops well below 1.3570 and targets way up in the 1.3960 area. This pair is on fire but is heavily overbought so wait for pullback to buy
I already have long positions and I think it will eventually reach 1.3800, but I haven't set their targets above that.
  • #11,302
  • Apr 30, 2017 4:29am Apr 30, 2017 4:29am
The pair is having a decent rally to the upside as bulls are pushing the price with each day. Good res 1.3720.
  • #11,303
  • Apr 30, 2017 1:03pm Apr 30, 2017 1:03pm
This is my usdcad forecast for the week ahead. We should expect a little bit of consolidation and any sell off and rallies should be faded.

Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD37.png Size: 80 KB


Regards,
1GoodTrade
Follow me on twitter: https://twitter.com/Daytrader213
  • #11,304
  • Apr 30, 2017 3:24pm Apr 30, 2017 3:24pm
If you are looking to trading USDCAD this week, consider this technical outlook.

Price action on the pair has been operating in an ascending channel on the weekly time frame since mid-2016. In January and Febrary 2017, price action moved to the lower part of the channel. It surged upwards in the latter part of February 2017 and flagged downwards to the lower part again in March and early part of April. Two weeks ago, a relatively big bullish candlestick moved the price upwards within the channel. This was followed by another bullish candlestick last week which moved the price towards the resistance line of the channel but never reached it. Apparently the upward price action was held by the weekly resistance zone around 1.36947. Should price action breach that zone, the next resistance to contend with is likely to be around 1.37939, an area last visited by prce action in January 2016. Nevertheless, the technicals on the weekly time frame support a further northward move.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD_Top-Down_Analysis_Weekly_Apr._30,_2017.png Size: 32 KB
Do your homework, follow the footprints of smart money
  • #11,305
  • May 1, 2017 3:48pm May 1, 2017 3:48pm
This is awesome trend. I got out early after a Trump Tweet and had to chase it to get back in. It's all clear from here as last barrier was taken out on Friday close. Looks good until we get to the 1.3800-1.3820 area. Give a wide stop as you don't want to lose this long because Monthly cycles, Bonds, Trump tough talk, Gold and Oil are all aligned. The only thing that can stop this now would be a very, very bad NFP or some other black swan event that does NOT cause safe haven flows into USD.
Attached Image (click to enlarge)
Click to Enlarge Name: USDCADDaily.png Size: 107 KB
Ecclesiastes 1:9
  • #11,306
  • May 2, 2017 6:49am May 2, 2017 6:49am
i think its going to 1.40
Don't Worry Be Happy
  • #11,307
  • May 2, 2017 8:39am May 2, 2017 8:39am
might pull back but i think it is a good buy on the dip
Attached Image (click to enlarge)
Click to Enlarge Name: download.png Size: 125 KB
Don't Worry Be Happy
  • #11,308
  • May 2, 2017 9:48am May 2, 2017 9:48am
Will be very interesting to see if USD/CAD breaches 1.3750 within the next 48 hours.
"Define the risk OUT of your trade"--Mark Douglas
  • #11,309
  • May 2, 2017 4:39pm May 2, 2017 4:39pm
I'm a newbie. I'm really trying to get a good understanding on how these things are all connected. Having stated that, based on the Crude Oil Report today at 430pm I was thinking the USD/CAD would drop down to around 1.3704. It's definitely headed in the opposite direction. I would be curious get some feedback on what is driving the market in the opposite direction.
  • #11,310
  • May 2, 2017 7:34pm May 2, 2017 7:34pm
Quoting Anyname
I'm a newbie. I'm really trying to get a good understanding on how these things are all connected. Having stated that, based on the Crude Oil Report today at 430pm I was thinking the USD/CAD would drop down to around 1.3704. It's definitely headed in the opposite direction. I would be curious get some feedback on what is driving the market in the opposite direction.
The best thing I can suggest, as a seasoned trader, is that you do your own research. It's a big question and any useful answers will be obscured by chancers with Youtube videos, technical guessers, convincing guessers and everything down to amoeba level.

What I can tell you is that when a pair moves fast, several things occur. Interest in it increases and those idiots who say short it are sometimes right, because the move has already happened and profit taking, last ditch traders (who decide too late to get on the train) - their stop losses and margin calls are all doing their job to reverse the move. Then people like me wait for a good price to buy again. Sometimes our positions get wiped out and we start again. I've been long this pair, on and off, since 1.03. I observed a while ago that oil price had disconnected to some extent which varies. Donald Trump is smiling and saying NAFTA is still in place but you can be sure its form will change.
Gone to a better place
  • #11,311
  • May 3, 2017 12:03am May 3, 2017 12:03am
Quoting smikester
{quote} The best thing I can suggest, as a seasoned trader, is that you do your own research. It's a big question and any useful answers will be obscured by chancers with Youtube videos, technical guessers, convincing guessers and everything down to amoeba level. What I can tell you is that when a pair moves fast, several things occur. Interest in it increases and those idiots who say short it are sometimes right, because the move has already happened and profit taking, last ditch traders (who decide too late to get on the train) - their stop losses...
You said a mouthful. So so much information everywhere and it all sounds so very convincing. I am sifting through all the information and I think I am getting a little bit of a grip on things. I have been focusing on the fundamental side of trading. I am trading live but not risking much. The goal is to get to a point where I can consistently win trades more often than I loose them. Thanks for your feedback. You are appreciated.

Quick question are you using any indicators?
  • #11,312
  • May 3, 2017 1:44am May 3, 2017 1:44am
Quoting Anyname
{quote} You said a mouthful. So so much information everywhere and it all sounds so very convincing. I am sifting through all the information and I think I am getting a little bit of a grip on things. I have been focusing on the fundamental side of trading. I am trading live but not risking much. The goal is to get to a point where I can consistently win trades more often than I loose them. Thanks for your feedback. You are appreciated. Quick question are you using any indicators?
Sure. I use ATR, Donchian Channels, the 20sma, an inside bar indicator, and sometimes an ADX (not on MT4, though). But mostly I use eyes. And the most useful indicator is the daily open price.
Gone to a better place
  • #11,313
  • May 3, 2017 7:24am May 3, 2017 7:24am
700 PIPS UP.

Have Fun.
  • #11,314
  • May 3, 2017 7:37am May 3, 2017 7:37am
70 pips 5 digit.
  • #11,315
  • May 3, 2017 9:01am May 3, 2017 9:01am


Boring day?
  • #11,316
  • May 3, 2017 10:58am May 3, 2017 10:58am
usd/cad overbought . more 1 or 2 days in the stress zone and then drop.

its what i think
  • #11,317
  • May 4, 2017 2:33am May 4, 2017 2:33am
waiting a reason to drop ...... french election (whoever win)
  • #11,318
  • May 4, 2017 4:53am May 4, 2017 4:53am
Quoting Anyname
I'm a newbie. I'm really trying to get a good understanding on how these things are all connected. Having stated that, based on the Crude Oil Report today at 430pm I was thinking the USD/CAD would drop down to around 1.3704. It's definitely headed in the opposite direction. I would be curious get some feedback on what is driving the market in the opposite direction.
There is a housing bubble in Canada which is on the verge of bursting. One mortgage lender has almost collapsed and it's only a matter of time until a bailout is engineered or a bankruptcy is filed. This is just the beginning or the tip of the iceberg. That's what's weighting on the CAD now and pushing it down as you can see.

So all of this is for fundamental drivers behind the current move & potentially future moves as well. Oil in the coming period will have a marginal effect on CAD as all eyes will be on the housing & real estate problems.

On the other side, the price is telling it all to you on the chart.
  • #11,319
  • May 4, 2017 7:20am May 4, 2017 7:20am
This is where the party is, the Loonie!

I missed dozens of pips this morning on beautiful pullback (I was considering short entry, but went to the other pairs), and now it is going up again due to plummeting crude price. I took some pips on reversal. Could have been more if I didn't have one very bad entry.

Trade balance in 10 min. Will give it definite direction.
"Don't lose your cool, and you will fare well".
  • #11,320
  • May 4, 2017 8:03am May 4, 2017 8:03am
1.40 is the next near term target, it might pull back and i'm buying the dip if it does
Attached Image (click to enlarge)
Click to Enlarge Name: download.png Size: 124 KB
Don't Worry Be Happy
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