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Aussie Vs Loonie (AUD/CAD) Trade Strategy and PlanTraders sold the Aussie like no tomorrow when the minutes of RBA's meeting indicated members expected another rate cut in November. We are worried about Australia's major trading partners ' economic slowdown; contraction in housing construction activity; outlook for consumption; wage growth; inflation; and domestic growth. Ultimately, the latest papers point out that when they meet next, RBA leaders will slash their rates in February. Trade tensions in the U.S .- China pressured crude oil prices and lead it to fall lower further. Also, Russia isn't inclined to cut production more deeply at the December 5 OPEC meeting and that means the market is likely to remain oversupplied in early-2020 . Carolyn A. Wilkins (Speech): The market is focusing on the line that there is 'room to maneuver'. Don't think she's sending a signal here but any time there is the talk of cuts (and QE), that's the knee-jerk. USD/CAD touched a session high of 1.3264 from 1.3230 before the comments and AUDCAD had an effect too. Canada also did not publish outstanding posts. Canada’s manufacturing sales took a step back in September. CPI reports (Nov 20), Poloz Speaks (Nov 21) and Retail Sales (Nov 22) will clearly provide additional optimism or pessimism hint to traders for the loonie. Positive turn in global risk sentiment may also help traders to think to get out of safe havens and into risk currencies like the Loonie. Flash manufacturing and services PMIs (Nov 21) from Australia should be taken care of. We should take this information in mind throughout the week if we trade in this cross pair or any Aussie or Loonie being as base or variable (counter).
by Anatta0
3
LOONIE Likely To test 1.30600 After EMA 50 & Trendline Break Hello Viewers, this is an instant trade signal! Therefore, please have a look at the main chart for the following vital trade details: • ENTRY POINT • STOP LOSS • TAKE PROFIT • RISK TO REWARD The setup may look simple but I can assure you it is NOT. There are various in depth technical and fundamental analysis incorporated behind the execution. I would very much love to explain these two aspects here but doing that would consume ample amount of time which could affect the appropriate entry point behind this trade! So, to keep it simple the main chart just displays the simplified technical view of this trade. My way of performing technical analysis basically starts by breaking down the monthly Timeframe down until the One Hour charts. The following are the aspects I focus most on when performing technical analysis: • Draw Support & Resistance through key common psychological levels on M & W Charts. This helps me to see where the price might stall or breakout. • Draw Trendlines to determine the dynamic support and resistance levels present on the charts. This helps me to determine where the price might stall and most importantly help determine the path of least resistance behind the active trade. • I also tend to use EMA 50 on all the Timeframes. This EMA 50 is proficiently proven to act as dynamic support and resistance and is vital behind all my analysis. • Lastly, I tend to use classic pivot levels to determine my entry, stop loss and take profit levels. The combination of this and all of the above helps me determine the precise and likely trade targets behind the setup. Another aspect of my way of analysis is reading a lot of news to determine the fundamental aspects affecting any trade. After the technical analysis is performed, I tend to match if the fundamental aspect really supports my technical analysis. Therefore, as you could see, putting all my thoughts here would surely take up a lot of time which could make the price drift away from the entry price thus affecting the Risk to reward ratio. I understand it is vital for many of you to know the details behind this trade setup, and so if you are interested you could send me message and I will try to share most of what I can! The Above words are just template I use in all my trades. Shall there be any updates I will provide them here. Thank you
Short
by FX618Analysis
Bank Of America (BAC) Calm Before The StormBank Of America has been on a rise after the 2008 US Stock Market crash. No coincidence as many US companies have been rising since then. This is not an excuse to get off track and believe all is good now. If you take a look at the bigger picture, you can see this company has had a decline soo huge, even the attempts to pump the value back to pre-2008 figures has been failing. There is still much to go for the rise before this stock can become stable again. It will need to take a wild spike along with some sort of unimaginable great news to spike prices back up that high to over $54.00/share. With that being said, I will stick to my technical's and as of now it is bearish. The chart along with my own technical analysis should explain the rest to the crowd. Just be patient and avoid greed in these times of uncertainty. I am prepared to go long if price signals me to do so, but my overall bias is short.
NYSE:BAC
by bajapips
CADCHF Sell opportunityIf you don't want to buy AUDCAD, consider selling CADCHF, since they mostly move relative to each other and selling pressure is significantly higher on this pair. Again we see a broken trendline, ascending this time, awaiting a possible retest. We also see the presence of the 61.8 Fibonacci level that could also present a temporary support, even though I believe that the price has already reacted to the level and will continue downwards. Overall sentiment is bearish. Good luck and follow me for more! (excuse the money triangle)
Short
by UnknownUnicorn4565572
AUDCAD Buy opportunityAfter a recurring descending trendline breakout and obvious bear cessation, the price hit a powerful support made visible by a double bottom. Another descending trendline was also broken awaiting a possible retest whereby I will place my long position with a Stop below a secondary support not far from the trendline. However, if there is no retracement I will look to place my long positions above the current target/resistance. Good luck and follow me for more ideas!
Long
by UnknownUnicorn4565572
USDCAD Likely To Test 1.3000 Amid Stubborn BOC and Risk ON Mood!The main chart shows the WEEKLY TF of USDCAD pair. There was a neat ascending channel that was violated a few months ago and the price went to test around 1.30200 level. Since then the price has been steadily rising until it HIT 1.33600 level. This created a short term ascending channel which was clearly violated a couple of days back and now the price is likely to target 1.3000 level. The above chart shows the DAILY TF of USDCAD, which shows the channel has been violated and its potential target! The main chart shows the price has been confined in a triangle and the price is likely to target the lower end of the trendline which lies at around 1.3000 level. To support this technical aspects, the fundamental aspects also align neatly together. First of all the Bank of CANADA left the interest unchanged and continue their wait and see approach rather than just easing like the other central banks. This is bullish for the LOONIE, however i feel the price will hit 1.3000 level after which the bank will start to be dovish and the price will likely bounce and test the 1.34000 level in the future. To add to this, the demand for OIL at the moment is adequate as the talks of trade deal continue. Since OIL is the major driver behind this CAD pair, if the talks continue to progress well we could see LOONIE get stronger. I am already short on USDCAD since 3 months ago when the main weekly channel broke, however the price only HIT 1.30200 level before reversing. My take profit at the moment is 1.3000 with SL at 1.34000. Should you wish to enter you can do so if and only if the RR is 1 or greater than 1. Cheers
Short
by FX618Analysis
AUDCAD BoC win. Now we waitawaiting trend reversal setup now that we caught the news impulse. Structure said BUY News said: NO CHANGE Result: AUD jumps directly to previous hourly high. Now this trade is paid for with an extra risk amount. Next we compound the interest earned on the news. :) I truly love trading. PS> next wave can take us a bit lower. Wait for the break of the channel and a kiss goodbye before entering a new position. As always trade with risk management. I hope some of you caught some of the profits on this news release! Good luck out there traders!
Long
by AschraM
Fed Protocol, BoC, and the UKAs we all know “the market is addictive to news”, it is not wondering that yesterday’s testifying to Congress by Fed Chair Jerome Powell, the announcement of the Bank of Canada decision on monetary policy, as well as a fairly extensive block of statistical data from the UK, led to increased volatility in financial markets. Let's analyze these events in chronological order. Great Britain relaxed quite positive data, which triggered the pound growth. Recall, we recommended its purchases, so those of our readers who looked up to our advice made good money. GDP and industrial production value have increased we cannot but mention the data on construction and trade balance that pleasantly surprised, appeared much better than forecasts. Bank of Canada holds interest rate steady, Federal Reserve Chairman Jerome Powell said that rate cut is not a panacea. Jerome Powell’s testimony at Congress. Markets expected him to make statements/comments about the Fed rate cut. However, Powell noted that the risks remain steady for the US economy, due to business investment slow down caused by the trade war, while inflation remains weak, which suggests that interest rates might be reduced this month. After Powell's testimony, the minutes of the last FOMC Fed meeting were published. Which only strengthened markets confidence in lowering the rates in the USA. The discussion of the Fed members about the prospects for monetary policy at the last meeting showed that there is a strong bias towards cut rates. The result is a short dollar. But inflation statistics from the US, as well as the second day of Powell’s testimony, may well trigger a rise in volatility in pairs with the dollar. Our trading recommendations for today are as follows. We continue to look for opportunities for selling the dollar (USDJPY, EURUSD, GBPUSD). Sell the Russian ruble. We are looking for points for sales of gold, which again climbed very high.
Long
by Trade24Fx
Loonie Crosses and BoCBy Andria Pichidi - July 10, 2019 Bank of Canada’s announcement is expected to result in no change in rates and a repeat of the data-driven mantra. Given that recent data has been consistent with their ongoing view that the economy is on the mend from the Q4/Q1 weakness, the takeaway should be for continued steady policy through year end. For example, the latest data was yesterday with Canada’s housing starts and permits showing a well-supported market through mid-year. Housing starts surged 24.8% to 245.7k in June after falling to 196.8k in May from 230.7k in April. The “trend” in housing starts (6-month moving average) improved to 205.8k in June from 200.5k in May. Meanwhile, the separate permit value measure plunged 13.0% in May after jumping 16.0% in April. The BoC also releases the Monetary Policy Report alongside the announcement, followed by Governor Poloz’s usual Q&A with the press. While the Fed and ECB have leaned dovishly recently, spurring market hopes for more easing, we do not expect the BoC to join the club. Recent economic data has come in close to the BoC’s expectations, tracking an improving economy. Trade uncertainty remains a hefty source of downside risk, but it is also a potential upside risk too (if/when the US and China finally reach an agreement). The currently accommodative policy setting is providing ample stimulus to an economy that is well into the recovery phase. Economic data is housing related this week. Currency Market USDCAD rallied to 1.3140 yesterday, up from last week’s lows of 1.3036. The move came on general USD strength, which has been maintained since last Friday’s US jobs report, and on the lack of Oil price follow through gains. In June the USDCAD has dropped by nearly 530 pips, however in the long-term picture is following an upwards path, since August 2017 from 1.2060 lows. Despite June’s underperformance, the latest weekly doji candle along with the bounce this week above 200-week SMA, spread some hopes for a potential recovery of the pair. However, this scenario hasn’t been confirmed yet. A reversal to the upside could be suggested only if a morning star pattern is formed along with a move above 50-day SMA at 1.3240. Support holds at the bottom of the weekly channel and the June’s low at 1.3036. Intraday, Resistance holds at 1.3045-1.3060 (9-day high and 23.6% Fib. since May 31). Support is set at 1.3100. The daily technical indicators are weak, as RSI and MACD have been configuring below neutral, however, they present slight strengthening of positive bias as RSI is at 40 from 31 low and MACD lines are above signal line. USDCAD weekly and Daily AUDCAD, on the other hand, broke the 8 years’ Support at the 0.9100 level, as bears look to be in full control this year. Currently it extends its Bollinger Bands further to the downside in the medium and long term charts, below 20- , 50- and 200-month SMA. Meanwhile, technical indicators have been negatively configured, as negative bias seems to get stronger and stronger. All the above suggest that the pair has a lot of downwards path to cover, while the break of the 0.9100 level opened the doors towards 2010 lows. AUDCAD Monthly and Weekly CADCHF has continued moving lower for a second consecutive day after the peak seen at 0.7611 on Monday. The move came in general on the anticipation of BoC statement. Overall, the CADCHF’s lookout remains positive with RSI sloping above 50 the past 2 weeks, while MACD spiked well above signal line within the positive territory. This suggests further positive bias in the medium term. In the near term meanwhile, the 2 days’ weakness looks to be a correction on the sharp rally seen since June 25, as the asset holds well above 20-, 50- and 200-day SMA but also the midpoint (50% Fib level) of the 2-weeks’ incline. Support holds at 0.7535-0.7545 intraday and Resistance is set at 0.7572. CADCHF Daily Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
Short
by HotForex
1
GBPCAD - Pullback. Time to double up the profitsGet ready for a pullback in price correction. Pretty great trade setup leading right into the ABCD pennant. Refer to linked old idea. If you are new I suggest looking at the old one as well. The more you see how I trade...the easier it will be for you to follow. Remember there is never an exact price..but a zone of prices..use these zones, news, and market sentiment/technical analysis to your favor. These are your weapons. Use them all.
Short
by AschraM
Getting long USDCADThose who have been following the current USDCAD call (see attached: "Oil weighing heavy on CAD") will know we are already positioned in longs here. So what we are trying to do is add another position on a "sell the fact leg" in oil after cuts on the supply side are fully cooked in ... (so time to start working the sell-side again there.) The dollar is also approaching buy levels and as a result buying the retrace leg here in USDCAD is a good opportunity. Lets see how it plays out (For those wondering red fib is from a previous swing and can be ignored I am publishing this on the way back to the office)
Long
by ridethepig