CAD
AUDCAD SHORT and then BUY when it hits SUPPORTAUDCAD has had a relatively strong support (yellow line) last year, 2015, and it was violated only once, 26 Feb this year, and it lasted for a week. After the retracement there was a period of bullish trend which finished on 9 March when AUDCAD met a strong resistance level at 1.00500.
Bullish trend continued up to the moment when AUDCAD hit our strong SUPPORT line (yellow) and since then it has not violated it.
We have been in a bullish trend in more than half a month with AUDCAD unable to break the support line on the graph. Red line represents resistance of the current bullish trend and recently it was hit, unsuccessfully again.Therefore, we should expect a short period of decline and the currency pair may try to hit support again. When it declines enough and market becomes oversold, one should expect the pair to bounce back up from the support and continue its bullish trend between the yellow and red lines.
RSI indicates a period of decrease followed by a period of increase. UNLESS some unexpected news violate the strong support.
CADJPY ShortI will be looking for a movement below the green support on Monday before placing a trade. Overall this pair is trending down and it has pulled back to resistance. I believe this is a good time to short with the proper signals. I will be paying close attention to RSI and MACD. I have 3 TPs shown. The green line is long term support on the weekly. Looking like a good setup though.
$USD/CAD DEMARK + MIDAS TECHNICAL ANALYSISReference:
MIDAS Technical Analysis by Andrew Coles and David G. Hawkins
DeMark Indicators by Jason Perl
USD/CAD - LONG OPPORTUNITY USD CAD
WAIT LONG PATTERN AND GO LONG
TARGET 1: 1.3414
TARGET 2: 1.3656
--> SO WTI OIL WILL GO SHORT
USDCADNice formation of the eliott wave here. The USDCAD has truly been a sensation to trade as there is clear trend here through the use of both Support and Resistance, eliott wave and price action
Long USDCAD Due To Confluent Price ActionI have entered a buy stop on USDCAD at 1.3015 with a stop loss at 1.2845 due to the daily pin bar and rejection off of the two lowest red bars, two strong levels of support that price has rejected. If the 1.2845 level is reached before our buy stop has been triggered then this trade becomes invalid and I will cancel the order.
Will GOLD follow through on the drop?Right now GOLD is following a predicted standard Elliott Wave corrective path. To confirm this it has to drop to the 1200.00 area or lower. From there watch for a reversal. This will play out in the CAD and AUD pairs if it does so. AND the S&P could have a sharp move if this happens as well. NOTE: If it goes UP from here then the correction may be over. BUT I think the smart play on GOLD is to look to buy above 1290.00
USDCADThe pair broke weekly TL which held since 2014 , and has retested. Now we can see clear market direction to the downside this is confirmed by MA crossover to the downside and a break of daily TL.
Target 1 @ 1.292261 , Target 2 @ 1.282262
A lack of clear market direction has resulted in less analysis from us , when market conditions are not clear sit on your hands and wait let the market breathe!
Selling CADJPY CAD is at some major resistance currently and expecting the YEN to follow Gold soon. We just completed a bearish bat and a false break of the trendline. I am short at 85.4. Expecting to see a lot of weakness. The target is open.
GIANT HEAD AND SHOULDERS (What could be the EW count)Well I do think the USDCAD is bottoming temporary. But I am not at all sure what it's doing long or short term really. Does anyone have a potential long term EW count on this pair?
USDCAD: Short setupThe pair has broken the long term down trend and have retested it and and is bouncing off again providing us with an opportunity to go short.
USDCAD has bounced off weekly demand zonePrice has touched a weekly demand zone and bounced higher. You will see the wick has perfectly respected the demand zone on the weekly chart.
Following our higher time frame analysis, we should expect price to continue to push higher from the weekly demand zone. If price can break through the daily supply zone this would confirm the uptrend.
Aggressive traders may look to trade these levels on the 4hr chart.
Happy trading.
A possible path for GOLD - Potential Elliott Wave CountThere is a possibility that Gold has put in a long term bottom - Of course, we won't really be able to confirm this for another 6 months to a year. However, with what appears to be 5 waves up in a classic Elliott Wave pattern, the thing to watch for is a ZIGZAG correction (most common in wave 2 position) The correction may be over but I think it' needs to be larger yet. I don't trade Gold much but I watch it for clues on the CAD and the AUD as they usually follow Gold and OIL.
Resistance becomes Support 1H, USD/CADHello, kind greetings to everyone.
Looking to get in on a USD/CAD Long, in the next day or so. Orders around the 1.3130-1.3140 level.
USD/CAD Short Break & RetestAs you can see the USD/CAD has been in an uptrend for a while now. Looking at the daily time frame we can see a clear breakout and retest for a continuation to the downside. Ill be looking in the 1.2543 area for my target area.
Is AUD/CAD in a Long-term Bullish Channel?Is that a rhetorical question? ;)
Even if price retraces to the downside in the near term, I am a Bull over the long-term plus it looks like a bullish Inverse H&S formation which are extremely powerful and reliable even before breaking the neckline as you can clearly see the increasing momentum.
If you trade the Kiwi/CAD then for the long-term look for the exact opposite .
AUD/CAD is what I like to call an SVP {a Super Valuable Pair} because each pip is worth a lot not to mention the Overnight Swap Rates are positive for Long positions so make sure to Buy dips! I like to classify my favorite pairs as either an HVP {High Value Pair}, an EVP {Extremely Valuable Pair} or an SVP {Super Valuable Pair} based on a variety of factors and situations which can and do change due to the dynamic nature of the current market conditions.
Upside targets will be added in and updated when I get some more free time, maybe this weekend.
USD/CAD in Weekly Retracement Phase?Looking for USD/CAD to complete a 33%-50% Fibo retracement on the Weekly chart to create a new Fractal Swing High Structure point to continue back into the bearish downtrend.
The strength is still with the Bears so once the pullback rally completes look for a good entry on the Daily or 4-Hour chart to go short.
The trend channel will be gradually adjusted over time as new Fractal Swing Lows are formed and according to where price settles.
Bearish Bat Formation and ascending Triangle With RSI DivergencBearish Bat Formation and ascending Triangle With RSI Divergence
RSI divergence with structureVery strong divergence between the market price and the RSI, which is approaching an oversold region.
I would go long now or wait until the RSI actually goes into oversold territory. Just posting these RSI divergence trades as ideas, I don't usually trade them but it will be interesting to explore this as a potential addition to my strategy.
See below for previous successful RSI trades I have done.
NZD/CAD holds strong support at 0.8778, short on breaks belowNZD/CAD is holding above strong trendline support at 0.8778, breaks below could see test of 0.8710.
Weekly charts show that downtrend for the pair is intact and we see scope for tests of 85.85 in the medium-term.
Technical indicators on daily charts are biased lower, Stochs and RSI convergence seen with price action.
On the fundamental side, analysts feel oil prices have bottomed out and will gradually edge higher to trade in the $40-$50 range in the medium-term.
Rising oil price and improving macro-economic conditions in the U.S. is likely to keep the Loonie supported.
NZD outlook is biased to the downside, but we do not see an imminent catalyst, particularly with local data still robust
Go short NZD/CAD on break below 0.8775, SL: 0.8850, TP: 0.8715/0.8685/0.8630
