CXY trade ideas
No Markup Needed for CXYCanadian dollar respecting daily resistance and 200 EMA (Purple MA). Check out the CAD pairs and enjoy the pips =)
LOONIE (CANADIAN DOLLAR INDEX) (CXY) DAILY TIMEFRAME SHORTThe Loonie index is currently moving in a downtrend, as shown by the lower highs and lower lows on the daily timeframe. This is also in sync with the commodities markets (crude oil, well and even gold), which have been experiencing bear pressure lately. It is no secret that currencies like the Loonie (Canadian dollar), Aussie (Australian dollar) and the Kiwi (New Zealand dollar) are driven by commodities. The outlook of the commodities market can give us a bias towards these currencies especially if their movements are in harmony.
If the index can break above the 75 price level, then we could see a potential bull run. For now, our bias remains bearish with potential targets around the 72 price level.
CXY forecasting D194.5 starting to look like real support turned resistance. Past 2 weekly Fib pivots have been respected (94.4) and monthly pivot also respected as shown. Monthly S1 also held but downtrend is still valid here, until channel break.
Oil also showing potential bearish flag/bearish Gartley which could help the bearish movement on CAD, as long as flag doesn't break upwards and continue to make a higher high. USDCAD is still keeping its range, showing CAD ultimately fighting but hasn't managed a downward break yet.
CXY - CAD Long Term Weakness Continued?Expecting CXY to continue its long term weak trend.
CAD/XXX = \bearish
XXX/CAD = /bullish
*Generally, XXX matters just as much!
CXY - Canadian Dollar Currency Index (Neutral)CXY - Canadian Dollar Currency Index
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Currently in a 4 week range, saw a good surge of buyers on Friday.
It is currently attempting to test 2017 descending channel.
The reaction to this trendline will be instrumental in what happens next for the CXY
Let us wait and see.
Should we see a breakout, expect a retest of the trendline then more upside move
CXY - CAD - Strength Followed By Weakness?Thoughts?
Hard to chart index's sometimes.
Expecting a bit of strength before some further weakness.
CAD INDEX - short at Symmetry wave 6Wait for CAD index pass over MA200 = 4% and RSI must not beyond 70 for a sell + a divergence is at Momentum
