NZD/CAD for a potential 400pip dropThis Weekly NZD/CAD chart looks set for a move from 7995 to 7550 for a potential 400pip drop.
Loony
AUD/CAD Bearish Trend TradeThis pair some some strength for eventually trailing downward last week.
We don't have a kumo twist yet but we are approaching the bottom of the kumo here and I will be looking for a chance to short when/if we get a bearish breakout.
I've drawn my entry line at a level that corresponds with an important price level and a flat kumo area.
If we break that level we should continue downward to possibly test recent price structure lows.
I've drawn out a few partial take profit levels to aim for along the way as well. If we fail to get a bearish breakout, or if our confirmations change back to bullish, this setup may become invalidated
Loony ready to go to the moonyThe Loony has been moving really nicely and it's getting ready for liftoff. Buy Area marked with stops and targets. But momentum will have to be on our side so I will only enter if it is.
Looking for a return to the highsThe Loony seems well bid above ascending channel support and we are looking for a move back towards 1.36 over the coming weeks. Pair finished Friday higher, despite a stronger than expected Canadian jobs report and NFP miss.
Support is a daily zone stretching from 1.3170 down to 1.3080, with ascending channel support confluence at 1.3147 and counting. A daily close below the latter would invalidate the setup and turn us neutral, pending a breach of 1.3080.
Potential bullish Cypher forming on UCADsee chart for details, i'm just looking at this. not a signal. do your own research :)
let me know if you think this is reasonable though from a fundamental point of view to support this technical view point.
Maybe the upcoming FOMC meeting will help?
Monthly Close Above 61.8 Targets 78.6 @ 1.4660USDCAD is on the warparth: December's close above the 61.8 Fib opens up the 78.6 Fib just below 1.4660. Pair has displayed incredible strength compared to other USD majors and shows no sign of stopping - momentum appears to have actually picked up in the first week of 2016. Expect a test of 1.4660 by the end of the month. The unlikely alternative, a reversal below the 2016 open (1.3815), would likely find support at former resistance, the 61.8 fib (1.3455).
USDCAD LONGWe are in a buy zone, a break above the range will force shorts to cover and go long pushing price our way at least to the .382 level.
