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CAD

USDCAD Potential Long TradeHello traders... I hope you've all had a good trading week thus far and didn't get hurt last week during the Brexit. Trading this week has been quite difficult with most pairs consolidating and recovering from the Brexit volatility, there hasn't been too many opportunities. With that being said though USDCAD is actually setting up for a nice buy going into next week. Many traders have been getting excited to short USD leading pairs with the slow sell off that occurred throughout this week, however I think that they will be surprised to see a rally next week. Based on the way price action is trading it looks likely that the dollar will close higher by the end of next week. We are expecting to see the 128500 - 128000 area to hold as support on USDCAD and IF it does hold as support we will look to buy this pair on the break of the down trend line. IF this trade does pan out as planned it may be very fruitful with a likelihood of price reaching fresh highs above 139... keep an eye out for it! Stop trading alone… Trade with us in the World’s first Virtual Trading Floor: goo.gl Tune in LIVE on YouTube goo.gl every Monday, Wednesday, and Friday at 7 P.M. Eastern Standard Time to learn how to trade the Forex market like a professional! Follow us on our social media: Google+: goo.gl Twitter: goo.gl Instagram: goo.gl Snapchat: Unique4xPro TradingView: goo.gl
Long
by UnknownUnicorn261897
2
NZD/CAD breaks major support at 0.9275, good to short ralliesNZD/CAD has breached major trendline support at 0.9275, intraday bias is lower. Technicals on 4-hourly charts support downside, Stochs have iolled over from overbought zone and RSI is biased lower. Immediate support is seen at 0.9252 (4H 20-SMA), break below will see test of next support at 0.9215 (trendline). Resistance on the upside is located at 0.9275 (rising trendline) ahead of 0.9294 (session high). Good to sell rallies around 0.9265/70, SL: 0.93, TP: 0.9215/ 0.92
Short
by FxWirePro
EUR/CAD breaks major support at 1.4350, targets 1.43 EUR/CAD edges lower from session highs at 1.4385, 10-DMA (currently at 1.4411) weighs on the upside. Momentum studies are bearish, RSI below 50 levels, pointing south and MACD below zero supports downside. The pair finds strong trendline support at 1.4350 levels, break below is likely to accentuate downside. Steady performance from EUR seen during the Asian session, focus now on EMU’s Investor Sentiment tracked by the Sentix index along with producer price data for further momentum in the pair. EUR/CAD finds support below 1.4350 at 1.4330 (July 1st lows) and then 1.4325 (June 30th lows). On the upside resistance is seen at 1.4375 (5-DMA) ahead of 1.4411 (10-DMA) and then 1.4440 (20-DMA). Good to go short on a decisive break below 1.4350, SL: 1.4375, TP: 1.4315/ 1.4295/ 1.4270.
Short
by FxWirePro
AUD/CAD breaks trendline support, below 20-SMA, short ralliesAUD/CAD edges lower from 0.9671, intraday bias lower. The pair has broken minor trendline support and slipped below 20-SMA on the hourly charts. Technicals support downside, Stochs and RSI on hourly charts are biased lower, MACD has slipped below zero which shows further downside. Standard & Poor’s in its latest note published on Monday has warned of that they may downgrade the Australian rating if election, budget gridlock continues. Rating agency Fitch also noted that political gridlock that leads to a sustained widening of Australia's deficit would put downward pressure on the rating. Fitch however, said that Australia's profile is still consistent with AAA rating and it will assess new government's ability to manage public finances prudently, as well as flexibility in responding to a volatile global economic environment. Immediate support and resistance for the pair are seen at 0.9637 (10-DMA) and 0.9660 (H 20-SMA). Good to sell rallies around 0.9660, SL: 0.97, TP: 0.9635/ 0.96/ 0.9580.
Short
by FxWirePro
eurcad -- alternate view of correctionThe triangle correction (see last post) is not working out, but I can see a more likely view of the correction, which anticipates a long move on the very next low. The assumption is that price has already made a low, for (Y), and that the move since then has been a correction of that spke up. Basically the buy range is in the highlighted area. I will reassess if it fails to reach that low. See attached chart for a larger view of the month-long correction.
Long
by ezodisy