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6C1! trade ideas

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
CANADIAN DOLLAR FUTURES (6C1!), H4 Potential for Bullish RiseType : Bullish Rise Resistance : 0.77970 Pivot: 0.77300 Support : 0.76465 Preferred Case: On the H4, with prices moving within an ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise from the pivot at 0.77300 where the overlap support is to the 1st resistance at 0.77970 where the swing high resistance is. Alternative scenario: Alternatively, price could break pivot structure and drop to the 1st support at 0.76465 where the overlap support, 61.8% fibonacci retracement and 78.6% fibonacci projection are. Fundamentals: Stronger than anticipated Canadian sales data on Friday helped to balance out the DXY's volatility , allowing USDCAD to trade in consolidation below 1.29. The USDCAD is projected to trade lower because to the recent drop in energy prices and the weakening in the DXY . This gives us a weak bullish view of the Canadian Dollar .
CME:6C1!
by Tickmill
CANADIAN DOLLAR FUTURES (6C1!), H4 Potential for Bullish RiseType : Bullish Rise Resistance : 0.77970 Pivot: 0.77300 Support : 0.76465 Preferred Case: On the H4, with prices moving within an ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise from the pivot at 0.77300 where the overlap support is to the 1st resistance at 0.77970 where the swing high resistance is. Alternative scenario: Alternatively, price could break pivot structure and drop to the 1st support at 0.76465 where the overlap support, 61.8% fibonacci retracement and 78.6% fibonacci projection are. Fundamentals: Stronger than anticipated Canadian sales data on Friday helped to balance out the DXY's volatility, allowing USDCAD to trade in consolidation below 1.29. The USDCAD is projected to trade lower because to the recent drop in energy prices and the weakening in the DXY. This gives us a weak bullish view of the Canadian Dollar.
CME:6C1!Long
by Genesiv
CANADIAN DOLLAR FUTURES (6C1!), H4 Potential for Bearish DropType : Bearish Momentum Resistance : 0.77305 Pivot: 0.76450 Support : 0.75615 Preferred Case: On the H4, with price moving below the ichimoku cloud and within the descending channel, we have a bearish bias that price will rise and drop from the pivot at 0.76450 where the overlap resistance, 50% fibonacci retracement and 100% fibonacci projection are to the 1st support at 0.75615 in line with the swing low support. Alternative scenario: Alternatively, price may break pivot structure and rise to the 1st resistance at 0.77305 where the swing high resistance is. Fundamentals: As a result of the BoC rate increase of 100bps recently, we have a bullish bias on the Canadian Dollar. We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned
CME:6C1!Short
by Genesiv
CANADIAN DOLLAR FUTURES (6C1!), H4 Potential for Bearish DropType : Bearish Momentum Resistance : 0.77305 Pivot: 0.76850 Support : 0.76430 Preferred Case: On the H4, with price moving below the ichimoku cloud and along the descending trendline, we have a bearish bias that price will rise and drop from the pivot at 0.76850 in line with the pullback resistance to the 1st support at 0.76430 where the swing low support, -27.2% fibonacci expansion and 78.6% fibonacci projection are. Alternative scenario: Alternatively, price may break pivot structure and rise to the 1st resistance at 0.77305 where the swing high resistance and 78.6% fibonacci projection are. Fundamentals: The BoC is expected to increase rates to 2.25%, a 75 bps increase, giving us a bullish bias on the Canadian Dollar .
CME:6C1!
by Tickmill
CANADIAN DOLLAR FUTURES (6C1!), H4 Potential for Bearish DropType : Bearish Momentum Resistance : 0.77305 Pivot: 0.76850 Support : 0.76430 Preferred Case: On the H4, with price moving below the ichimoku cloud and along the descending trendline, we have a bearish bias that price will rise and drop from the pivot at 0.76850 in line with the pullback resistance to the 1st support at 0.76430 where the swing low support, -27.2% fibonacci expansion and 78.6% fibonacci projection are. Alternative scenario: Alternatively, price may break pivot structure and rise to the 1st resistance at 0.77305 where the swing high resistance and 78.6% fibonacci projection are. Fundamentals: The BoC is expected to increase rates to 2.25%, a 75 bps increase, giving us a bullish bias on the Canadian Dollar.
CME:6C1!Short
by Genesiv
Canadian Dollar Futures (6C1!), H1 Potential for Bearish DropType : Bearish Momentum Resistance : 0.77125 Pivot: 0.76835 Support : 0.76460 Preferred Case: On the H1, with price moving below the ichimoku cloud , we have a bearish bias that price will rise and drop from the pivot at 0.76835 in line with the overlap resistance and 78.6% fibonacci projection to the 1st support at 0.76460 where the -27.2% fibonacci expansion and swing low support are. Alternative scenario: Alternatively, price may break pivot structure and rise to the 1st resistance at 0.77125 where the pullback resistance, 50% fibonacci retracement and -61.8% fibonacci expansion are. Fundamentals: As sentiment over the BoC increasing rates by 75bps continues to grow, we have a bearish view of the canadian dollar.
CME:6C1!Short
by Genesiv
CANADIAN DOLLAR FUTURES (6C1!), H1 Potential for Bearish DropType : Bearish Momentum Resistance : 0.77755 Pivot: 0.77410 Support : 0.76840 Preferred Case: On the H1, with price moving below the ichimoku cloud and along a descending trendline , we have a bearish bias that price will drop from the pivot at 0.77410 in line with the overlap resistance and 23.6% fibonacci retracement to the 1st support at 0.76840 where the swing low support and -61.8% fibonacci expansion are. Alternative scenario: Alternatively, price may break pivot structure and head to the 1st resistance at 0.77755 where the swing high resistance, 100% fibonacci projection , 78.6% fibonacci projection and 61.8% fibonacci retracement are. Fundamentals: Recent Canadian Dollar strength had been slightly reversed with Canadian GDP month-on-month being released at 0.3% (Previous: 0.7%) indicating a slow down in economic activity and growth, giving us a medium bearish view on the Canadian Dollar .
CME:6C1!
by Tickmill
CANADIAN DOLLAR FUTURES (6C1!), H1 Potential for Bearish DropType : Bearish Momentum Resistance : 0.77755 Pivot: 0.77410 Support : 0.76840 Preferred Case: On the H1, with price moving below the ichimoku cloud and along a descending trendline , we have a bearish bias that price will drop from the pivot at 0.77410 in line with the overlap resistance and 23.6% fibonacci retracement to the 1st support at 0.76840 where the swing low support and -61.8% fibonacci expansion are. Alternative scenario: Alternatively, price may break pivot structure and head to the 1st resistance at 0.77755 where the swing high resistance, 100% fibonacci projection, 78.6% fibonacci projection and 61.8% fibonacci retracement are. Fundamentals: Recent Canadian Dollar strength had been slightly reversed with Canadian GDP month-on-month being released at 0.3% (Previous: 0.7%) indicating a slow down in economic activity and growth, giving us a medium bearish view on the Canadian Dollar.
CME:6C1!Short
by Genesiv
CANADIAN DOLLAR FUTURES (6C1!), H1 Potential for Bullish RiseType : Bullish Rise Resistance : 0.78315 Pivot: 0.77760 Support : 0.77475 Preferred Case: On the H1, price is moving above the ichimoku cloud and has broken out of descending trendline which supports our bullish bias that price will rise to the pivot at 0.77760 where the swing high resistance and 38.2% fibonacci retracement are. Once we have upside confirmation, we would expect bullish momentum to carry price to 1st resistance at 0.78315 in line with pullback resistance, 78.6% fibonacci projection and 161.8% fibonacci extension . Alternative scenario: Alternatively, price could drop to 1st support at 0.77475 in line with the overlap support. Fundamentals: As oil prices climb due to the introduction of more sanctions from the G7, and as sentiment for a 75bps rate hike firms, look for the CAD to continue strengthening against the USD, giving us a medium bullish view.
CME:6C1!
by Tickmill
CANADIAN DOLLAR FUTURES (6C1!), H1 Potential for Bullish RiseType : Bullish Rise Resistance : 0.78315 Pivot: 0.77760 Support : 0.77475 Preferred Case: On the H1, price is moving above the ichimoku cloud and has broken out of descending trendline which supports our bullish bias that price will rise to the pivot at 0.77760 where the swing high resistance and 38.2% fibonacci retracement are. Once we have upside confirmation, we would expect bullish momentum to carry price to 1st resistance at 0.78315 in line with pullback resistance, 78.6% fibonacci projection and 161.8% fibonacci extension . Alternative scenario: Alternatively, price could drop to 1st support at 0.77475 in line with the overlap support. Fundamentals: As oil prices climb due to the introduction of more sanctions from the G7, and as sentiment for a 75bps rate hike firms, look for the CAD to continue strengthening against the USD, giving us a medium bullish view.
CME:6C1!Long
by Genesiv
CANADIAN DOLLAR FUTURES (6C1!), H1 Potential for Bearish DropType : Bearish Drop Resistance : 0.77455 Pivot: 0.76955 Support : 0.76460 Preferred Case: On the H1, price is moving below the ichimoku cloud and along the descending trendline which gives us a bearish bias that prices will drop to the pivot at 0.76955 where the 50% fibonacci retracement and swing low support are. Once there is downside confirmation that price has dropped to pivot , we would expect bearish momentum to carry prices to 1st support at 0.76460 where the swing low support, 78.6% fibonacci projection and 161.8% fibonacci extension are. Alternative scenario: Alternatively, price may rise to the 1st resistance level at 0.77455 in line with the swing high resistance, 78.6% fibonacci retracement and 78.6% fibonacci projection . Fundamentals: A stronger than expected CPI data (Actual: 1.4% Expected 1.0%) overnight helped the CAD find some strength against the USD. With the CPI data reinforcing market expectation for the BoC to hike rates by 75bps at the next meeting, look for the CAD to continue strengthening into the US session, giving us a medium bullish bias for the canadian dollar.
CME:6C1!Short
by Genesiv
CANADIAN DOLLAR FUTURES (6C1!), H1 Potential for Bearish DropType : Bearish Momentum Resistance : 0.77520 Pivot: 0.77025 Support : 0.76450 Preferred Case: On the H1, price is moving below the ichimoku cloud which supports our bearish bias that price will drop from our pivot at 0.77025 in line with the overlap resistance, 23.6% fibonacci retracement, 78.6% fibonacci projection and 50% fibonacci retracement to the 1st support at 0.76450 in line with the swing low support. Alternative scenario: Alternatively, price may break through pivot structure and rise to the 1st resistance level at 0.77520 in line with the overlap resistance and 78.6% fibonacci retracement . Fundamentals: There is an expectation of a rate hike of 75bps from the BoC in July and the markets might be starting to price in the policy adjustment which gives us a weak bullish bias.
CME:6C1!Short
by Genesiv
CANADIAN DOLLAR FUTURES (6C1!), H1 Potential for Bearish DropType : Bearish Momentum Resistance : 0.77520 Pivot: 0.77310 Support : 0.76480 Preferred Case: On the H1, with price moving below the ichimoku indicator, we have a bearish bias that price will drop from our pivot at 0.77310 in line with the swing high resistance to the 1st support at 0.76480 in line with the 161.80% fibonacci extension, 100% fibonacci projection and swing low support. Alternative scenario: Alternatively, price may break the pivot structure and rise to the 1st resistance at 0.77520 in line with the overlap resistance and 78.6% fibonacci retracement . Fundamentals: The prospect of a more aggressive Fed saw further gains in the USD/CAD pair. At the same time, an oversold CAD is deemed from the equally hawkish BoC and firm oil prices resulting in mixed to weak bullish view for the Canadian Dollar Future.
CME:6C1!Short
by Genesiv