USDCAD Near Support LevelAs we approach the weekly uptrend line, the question we need to ask is, how strong is the CAD? Tomorrow we'll see just how strong the CAD really is...
Happy Trading, folks!
Cheers.
Canadian
$BRVRF Trades Sideways In Anticipation of Filings$BRVRF a stock I bought at an average of .03 is getting closer to releasing updates about its mining. At this point in time it should be smooth sailing as it has hit major support today, with the time for the possible release of updates drawing closer and closer. There is also the possibility of a Reverse Merger with a Canadian Company on the horizon.
USD/CAD daily reviewThe main move on the USD/CAD on Wednesday occurred due to the Bank of Canada hiking their base interest rate. Namely, a hike from 1.25% to 1.50% caused a strengthening of the Canadian currency.
The event was covered on the bank’s live webinar platform, and the traders present caught an initial move of 50 base points that eventually extended into a 70 base point decline until the rate met with dominant support.
Namely, a support line drawn just before the data release coverage by Dukascopy Analytics turned out to be strong enough to support the currency exchange rate.
Weekly and monthly Bullish EngulfingsWe are at the start of a bullish uptrend on weekly after a fine bullish engulfing pattern off Fibonacci support level. Bullish engulfing was also on monthly chart. Look for long entries on smaller timeframes. Price already tested back the middle of monthly engulfing candle. The bottom tails of engulfing patterns act as major supports. First major resistance expected at 85.680 (previous high, Ichimoku cloud and upper Bollinger Band - Monthly resistance at 85.568-85.643). But I believe price will get to the upper band of Hurst channel at about 92.000 as price is making higher highs on weekly. CAD is also strong. PS. My trendlines are after CLOSE (Line chart).
WEED - Potential PullbackCanadian weed stocks have been on fire in 2017 and WEED is still "smokin" in2018. Since The Motley Fool mention a $50 price target, speculators have been pushing right towards it. Potential to hit it and fall in very good IMHO.
CADJPY is BearishWe could have sold this pair ONE Candles earlier but for now we should be a lil patient and carefully and closely watch the price action to enter
BTC compared to Aphria (APH)I believe I have found a connection between Bitcoin and the MJ industry. When comparing BTC to APH I have found stunningly similar trends but Bitcoin seems top make the first move by almost a month. I have placed alphabetical reference points to show the comparison.
Since BTC seems to be ahead of APH by a month, I went ahead and placed the next trend line/target(G) based off of the most recent moves from BTC. I believe that if it follows this trend, then APH is looking at positive trend upward and a slight pullback in the month ahead.
Buy APH now and hold to target price G?
Will this trend continue in the future??
USD/CAD extends gainsThe US Dollar has continued to gain even more ground against the Canadian Dollar. The reason for the surge is double sided.
Namely, the Greenback is surging due to political reasons in the news. Meanwhile, the Canadian macroeconomic data has revealed that the Canadian economy is doing a lot better than thought before. In addition, Bank of Canada has revealed its dovishness. That is set to make the Canadian Dollar weaker.
However, one can’t use technical charting properly during a time when the fundamentals are largely being introduced and dynamically change the situation. Although, Dukascopy Analysts doubt that this aspect will discourage retail traders.
USD/CAD reveals medium patternThe previously expected decline in a narrow ranged pattern down to the 1.25 mark did not occur. The reason for that is the existence of a medium term descending pattern, which revealed itself during the last 24 hours.
The pattern drawn on Tuesday actually represented a move downwards in the borders of the medium term channel.
By the middle of Wednesday’s trading the USD/CAD was squeezed in between the support of the 55 and 100-hour SMAs and the medium scale pattern’s resistance line. This was due to the markets expecting the announcement of the Bank of Canada’s interest rate, which has been seen to cause swings in the range from 60 to 200 base points.
USDCAD change of paceI believe that we will see some lower prices in the pair in the upcoming days. As I am writing this, we are at the opening of the canadian market and we just had a huge bearish engulfing pattern on a lower time frame after a very painful run up after last week's fall. I'm taking a light position short and will add as we break new supports.
CAN/USD is Showing Bear Signs 200% + ROIHello, Trading View,
Here is a good trade. Sense it just broke the resistance line. I would open the trade short. And target the next resistance line. You can consolidate it all the way down if you don't want to swing trade.
Thanks,
StopLoss123
Buy-in: 0.7726
Target 1: 0.7647
Target 2: 0.7580
Target 3: 0.7520
Target 4: 0.7456
Target 5: 0.7400
Stop-loss: 0.7830
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EUROCANADIAN bullish setupPrice is on a clear bullish channel. We can expect a bullish scenario at the corrective structure breakout. Let's see how it develops.
Possible Short on GBPCAD Possible Short Position on GBPCAD going to cover the GAP.
Have a Good Trading Week
Cream Live Trading, Cheers!
USDCAD Daily reviewThe US Dollar continued to be volatile against major currency. The currency is fluctuating based on the fundamental event happening in Davos. Technical indicator is trying relatively high to stop the movement of the currency.
By the middle Friday’s trading session, there was a spike in the USD/CAD pair because of US president speech in Davos. The combination of the 55—hour, 100—hour and 200—hour SMAs is proving resistance near the 1.2386 mark.
Regarding the short- term future, its is likely the fundamental events will drives the currency to be more volatile and is advice to stand aside and watch the movement.
CAD/JPY Short SetupFundamentals:
- NAFTA Negotiations uncertain, any signal at termination would cause loonie to sell-off
- JPY tight inverse correlation to global stock market, therefore a sell-off in markets would benefit this positioning
Technicals:
- Clean break of uptrend
- 100 Day MA crossover
- Ichimoku transition line crossing baseline
HMMJ nice RvR on the 15min HMMJ appears to be consolidating along side the whole CDN cannabis sector. I'm just paper trading to get a feel for this ETF during this consolidation.
USD/CAD daily reviewsThe US Dollar stopped its depreciation against the Canadian Dollar on Monday. The reason for the stop of the surge and a resulted short term surge was the encountering of a combined support level at the 1.24 mark.
Namely, the currency exchange rate found support in the lower trend line of the drawn junior channel down pattern and the first weekly support at the already mentioned 1.24 level.
Due to that reason it is expected that the pair might surge until it meets the upper trend line of the channel down pattern. Afterwards the pair should continue the decline. Or the rebound might not even continue.
IIPR: Symmetrical Triangle Potential Symmetrical Triangle Continuation Cycle. Very similar to the pattern we had with WEED that broke bullish.
USD/CAD breaks out to the downsideThe USD/CAD forecast was precise. The pair broke out of the developed triangle down pattern to the downside. Moreover, the breakout has revealed additional patterns.
There are two newly mapped channel down patterns on the chart. One is a representation of the second one’s junior movement. By using these two patterns one can make future forecasts.
In the short term the pair should slightly surge to touch the upper trend line of the junior pattern. There it will have two possibilities. Either break the resistance or decline to reconfirm the lower trend line the dominant pattern.
GBP/CAD 4H Chart: Reveals another patternThe GBP/CAD pair was last reviewed at the start of December, when it rebounded against the lower trend line of a long term support line. It has to be noted that this trend line is a rather unusual one, but has proven itself throughout the second half of 2017.
That resulted in a rebound and an eventual breaking of the at the time active channel down pattern, which at the time was in the center of attention. However, the pair did not form a medium term channel up pattern, as it could have been expected.
Instead the pair has revealed a different and broader channel down pattern, which is set to keep challenging the support line.
HBM Bouncing off a support level-Target $10.40HBM has bounced off a long held support level. Last few trading days tested lower prices but the bulls won.
MACD and Stochastic show growing momentum and it returning from the oversold zone.
Even if HBM is simply in its trading range, we have an opportunity to buy in so that we can make a sweet 12% if it makes its way to its resistance level at $10.40.
In my opinion, it could possible break past its resistance level.
