USD/CAD

USDCAD H4

We had 5 legs move.
The 5th bearish frame had bullish divergence in relation to the 3rd bearish frame. The 5th frame (leg) was colored in pale red therefore it was an exhaustion frame.

From the 1st ~ 5th leg the price decreased but the standard deviation increased.
This indicate a bullish divergence

Verdict expect a correction of the bearish move or probably a trend reversal to the upside or sideway move

The pair is caught it in a tight range before the US Non-Farm payrolls on Friday. That should be the catalyst that prompts further development. I haven't opened new positions for now.

USD/CAD rebounded from 1.3435 and I think it will rally toward 1.3540, or even toward 1.3560. I don't think there would be much larger development before the NFP.

Dianajs , why do you pick 1.3560ish ? May I ask if you are an Elliott Wave Trader or is there a particular indicator that you use to help you formulate your decision ?
Your predictions are very accurate.
I believe that the spike in this pair is oil dependent. I do believe that oil will recover half of its loss in tomorrows trading , if not all. Although I do not believe STATSCANADA AT ALL , the MARKET has bought into the belief that the CDN ECONOMY is improving , be it at a slow pace.

Good Luck ,

GreenEarth

Why Usd cad go up after Cad Gdp very positive????

USD/CAD slightly lower at 1.35, relatively unchanged after the disappointing US data release.

Dianajs , are you buying Canadian Dollars ? What is your next target for this pair ?

GE

Still possible for one more low to complete a 5 down. I am however wary of a basing / sideways correction here for another move up. The chunk of the bearish move from 1.37 is over for right now.

Hi

This is my current USDCAD forecast for the week ahead. I believe that the downside is still not done yet and we should expect one more low. Let's wait and see.


Regards,
1GoodTrade
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Follow me on twitter: https://twitter.com/Daytrader213

USD/CAD is very range-bound at the moment. I think another rally toward 1.3540 is possible in the short-term.

UCAD come on please go up. So slow

USDCAD may bounce from 1.3430 but can't be termed strong unless clearing 1.3550

Seems like a clear bearish trend on D1 timeframe: below Alligator indicator + AO below the zero line and in the red zone. Would go short from 1.34372 with stop at 1.35055 an TP at 1.32875

Ok USD/CAD traders , can someone tell me why the massive drop in oil today before the late afternoon news ?

Where is this pair headed next ?

Thanks , GreenEarth

Hi,

This is my weekly USD/CAD forecast. Still looking for a new low before any meaningful retracement.


Regards,
1GoodTrade
---------------------
Follow me on twitter: https://twitter.com/Daytrader213

Staying out of this pair at the moment. No clear direction.

It's still range-bound but it has fallen to the support at 1.3450. I think that a new rally to 1.3500 - 1.3540 is possible.

Not sure why no comments here on Wilkins speech and the strength in CAD. I was not in the game at all, saw the drop, saw the speech and took a long in usdcad.

why long?

"One thing that remains clear is the Banks commitment to achieving its inflation target so that Canadians can make their financial decisions with more confidence. "

That is not bullish, imho, that is wait and see. The FOMC ready to move, US economy bursting at the seams already. So why dump another 100+ points after a +75 drop on Friday. Anyone got a clue?

I am running light longs now as added .01 more and will cover on a moments notice if I think this will override the Fed 25 basis point move

The COT report shows a record short against the CAD. In my opinion these larger traders will be reversing, sending USD/CAD down further. Technically it's setup for a large move towards 1.25, though I'm expecting a bounce back towards 1.34x before that happens.