USDCAD - DAILY - LONGS IN PLAYUsdCad - Daily time frame - Longs in play due to the simply bullish structure on daily time frame and usd strength and oil weakness.
Dollarcad
UsdCad - Break Of Resistance To Provide Long OpportunityLast week we tested the 1.27730 area of support (as expected from last week) fairly deeply. As the re-test was deeper than desired we will look for a break back above the 1.27730 before looking for long opportunities to the target of 1.29973.
UsdCad - Test Of Support To Provide Long OpportunityLast week price broke above key resistance at 1.27730 and is currently in the process of correcting back into this area to test it as support. This provides a great place to look for longs up towards the target of 1.29973
UsdCad - Bull FlagLast week UsdCad bounced from key support at 1.24488 stopping just short of the target at 1.26491. This week we look for a Bull flag correction, and possible test of intermediate support at 1.25207, in order to initiate longs up to the initial target of 1.26491 and a possible breakout clearing the way for the second target at the 1.27730 area of resistance.
USDCAD significant breakout 1h chart, short trade idea Price broke significantly through the lows of this move up.
We want to see a healthy level rejection and a bearish break towards the 1.3393 level
I'll keep this chart updated
USDCAD IS STILL A LONG, BUT HOW FAR UP WILL IT GO?Usdcad is continually maintaining bullish market structure, however, the question remains, how high will it continue?
Dollar Cad pulling back to valueIt appears as tho we're about to retest the bearish wedge we broke out of during the first part of August. We have a shit ton of resistance in this area and appear to be forming a H&S formation as well.
Look for deceleration and a rejection of this resistance on the daily and intra-day for confirmation to get short. Ideally this pair tops out at resistance the same time USOIL bottoms at support.
I plan on holding this short for quite awhile and will gladly add to the position with pullbacks during the run down.
USDCAD TREND CHANNEL BREAKOUT - POSSIBLE SHORTUSDCAD has broken out of a trend channel. Could we go short after a retest or bounce off resistance?
POTENTIAL LONG OPPORTUNITY ON USDCAD @1.3370 (CIRCLED AREA)Here is an opportunity to join in on the USDCAD multi-year rally or simply to add positions.
The best time to add positions is when price pulls back to quality levels so that we are BUYING LOW or SELLING HIGH .
Over the past few weeks, we have seen price recoil from that unbelievable rally and looking at price, it is likely to continue to 1.52! Bold call? Maybe.
No one is ever 100% correct. So let us say this call is wrong, we can still control how much we lose. Also, there are money management tools we can use to ensure we get some profits if price goes our way but not ALL THE WAY.
Entry Point : 1.3370
Stop Loss : 1.3220
Profit Target : 1.5120
Risk: 150 pips
Reward: 1750 pips (>11x Risk)
This is expected to be a long term position, taking weeks to reach the target. So, money management may be necessary. Because of the interest rates differences, you'd be paying a ROLLOVER fee for holding this long position!
Money Management
Enter multiple positions with various profit targets.
Split your position into two. Set one profit target at 3:1. When the first half is closed, move the stop loss to break-even on the over half! and be risk free!
