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6C1! trade ideas

Last Dance of the Loonie and WTI? The correlation between WTI and Canadian Dollar seems to be breaking down, at least in the short term. Not sure the reasons for this, but posting to hear thoughts. For those unfamiliar with the WTI/CAD correlation, I have added some context. The Correlation: How Are They Connected? Commodity-Driven Economy : Canada is known for its abundant natural resources, including oil. The Canadian economy is heavily reliant on its energy sector, which includes the production and export of oil. When WTI crude oil prices rise, Canadian oil exports become more valuable, leading to an influx of foreign capital into Canada. This increased demand for the Canadian dollar can result in its appreciation against other currencies. Economic Health : The Canadian economy's overall health is closely tied to the energy sector's performance. When WTI prices surge, it often indicates increased economic activity, which can benefit Canada's economy and, consequently, the loonie. Conversely, when oil prices plummet, it can have a negative impact on the Canadian economy and lead to a weaker Canadian dollar. Risk Appetite : Like many commodity currencies, the Canadian dollar tends to strengthen during periods of risk appetite. When global economic conditions are stable, investors often flock to assets like oil, which can lead to higher oil prices and, in turn, boost the loonie.
CME:6C1!
by LonnieMSP
CAD FUTURES, Bear-Flag-Formation, Upcoming BREAKOUT!Hello There! Welcome to my new analysis about the CAD FUTURES on the weekly timeframe perspective. The index recently continued with bearish developments after printing several lower highs. Now important further determinations need to be made as such an bearish price action can activate further continuations if there are no main reversal signs to consider. Within this case I detected important developments with the CAD FUTURES which could signal a potential bearish price action and long-squeeze on the road. When looking at my chart you can watch there the CAD FUTURES continued to print these several lower highs always pulling to the downside off the descending trend-line marked in red. Furthermore, the CAD FUTURES have the 65-EMA marked in red as a main resistance within the already established downtrend. Within this downtrend the index formed a wave-count towards the downside with the waves A and B already formed and with the wave B actually forming this crucial bear-flag-formation likely to complete in the next times. Once the breakout below the lower boundary of the flag-formation has shown up this means that CAD FUTURES are going to set-up the origin of the wave C extension and are going to continue with the extension till the main targets marked in my chart have been reached. Once the targets have been reached it will be important how the index continues from there on because if the bearish momentum increases massively in this case there is an increased possibility for the index to continue within the bearish-continuation-zone. In the next times the final breakout-determination will indicate the further price action. In any case, it will be an important development to consider. In this manner, thank you everybody for watching the analysis, support from your side is greatly appreciated. VP
CME:6C1!
by VincePrince
8
USDCAD Bullish Opportunity (inverted scale Future Contract)This expectation is a framework to look for a potential trading setup; I don't just execute based on these levels, I always wait for confirmations on lower timeframes This Analysis was done using my complete Strategy which includes: - Smart Money Concepts - Multi Timeframe Liquidity and Market Structure - Supply And Demand - Auction Theory - Volume Analysis - Footprint - Market Profile - Volume Profile - WYCKOFF - ETC
CME:6C1!Long
by SmartMoneySource
2
Ways to improve chart reading part 3 - Support and ResistanceThis is the third in a series of articles looking at some key tools and different practices that can improve your chart reading skills and your trading overall. Previously we talked about volume and its role in chart analysis. Still, there is one more feature of volume that can help traders to avoid critical mistakes as well as find good entries to their trades. Traditional technical analysis looks at tops, bottoms of the market, channel lines, trend lines, Fibonacci levels etc to identify support or resistance, but does not consider bars with significant volume at all. At the same time the tops, bottoms and sometimes the closes of bars with relatively big volume (called Ultra-High Volume or UHV in Volume Spread Analysis) create very serious support/resistance to the price moves. In many cases the professionals prefer to test areas where Ultra-High Volume has appeared for supply or demand before the price pushes away significantly from there, as its presence may impact price movement and cost them a lot. Look at the chart for Canadian Dollar futures (CME:6C1!) above. First an Ultra-High Volume bar appears on February 16th 2023 at 15:00 UTC+1 time zone. The top and bottom of this bar (marked by the blue dashed lines) create significant resistance. To push the price above it activity (volume) will be required. Later, on February 17th 2023 at 15:00, another huge volume bar appears showing weakness. The effort on this bar was enough to move the price through the 0.7419 level (the bottom of the previous UHV bar) and seeing the change in the direction of the moving average to the up side, many traders may start to consider long trades around 03:00 on February 20th. Without looking at volume on the bars, they won’t be able to recognize the level of 0.7439 (the top of the first UHV bar in the picture) as a potential resistance. In fact, the volume diminished there, making it impossible for the price to go higher. Then we can see further selling around UHV tops and bottoms in the 0.7419-0.7439 range of the first UHV bar in the picture on February 21st at 9:00 and at 13:00 . The bottom of the 14:00 bar on February 21st (0.7392) creates another level of resistance and again, the price respects it drifting around for some time. Any attempts to go above (as on February 22nd at 13:00 or 19:00) have met more professional selling (the bottom of February 17th 15:00 bar). The VSA methodology teaches us how to identify the movements of the professionals so that we can follow them. From the above example you can see how price acts around the tops and bottoms of UHV bars. This confirms bars with big volume are very important to consider because either the presence or absence of professional activity there may reveal what smart money are planning to do. We can therefore trade accordingly.
CME:6C1!
by Trade-to-Win_from_Tradeguider
MICRO CAD/USD FUTURES (MCD1!), H4 Potential for Bearish DropType : Bearish Drop Resistance : 0.7696 Pivot: 0.7645 Support : 0.7559 Preferred Case: On the H4, with price trendline and moving below the ichimoku indicator,we have a bearish bias that price may drop from pivot at 0.7645 where the swing low support is. Should price break pivot structure, we would expect bearish momentum to carry price to 1st support at 0.7559 where the1st support and 100% fibonacci projection are. Alternative scenario: Alternatively, price could rise to 1st resistance at 0.7696 in line with 23.6% fibonacci retracement . Fundamentals: During the Jackson Hole symposium, Fed Chair Powell indicated that more rate hikes were coming and that the Feds could continue lifting rates sharply for some time as it combats to bring inflation towards its target level, which made DXY strengthened and gained against all the other currencies.
CME_MINI:MCD1!
by Tickmill
MICRO CAD/USD FUTURES (MCD1!), H4 Potential for Bearish DropType : Bearish Drop Resistance : 0.7696 Pivot: 0.7645 Support : 0.7559 Preferred Case: On the H4, with price trendline and moving below the ichimoku indicator,we have a bearish bias that price may drop from pivot at 0.7645 where the swing low support is. Should price break pivot structure, we would expect bearish momentum to carry price to 1st support at 0.7559 where the1st support and 100% fibonacci projection are. Alternative scenario: Alternatively, price could rise to 1st resistance at 0.7696 in line with 23.6% fibonacci retracement. Fundamentals: During the Jackson Hole symposium, Fed Chair Powell indicated that more rate hikes were coming and that the Feds could continue lifting rates sharply for some time as it combats to bring inflation towards its target level, which made DXY strengthened and gained against all the other currencies.
CME_MINI:MCD1!Short
by Genesiv