CXY trade ideas
CANADIAN INDEXCXY buy idea @ Demand Zone 75.6-72.6
Buy Limit: 75.6
Stop Loss: 72.5
Take Profit: 80.0
Canadian dollar index - Reinforcement expectedHi guy, the "Loonie" aka Canadian dollar is near a strong support weekly. This support is an ascending trendline which might announce a strong rebound of the Canadian dollar.
Possible scenarios:
USDCAD: USD on a resistance and CAD on a support = Short on USDCAD
EURCAD: Downtrend continuation expected on the pair
GBPCAD: Downtrend continuation expected on the pair
NZDCAD: Bearish. Come-back on 0.8700 expected¸
AUDCAD: Neutral
CADJPY: Bullish
Possible Bullish Outlook on CXYThis currency has seen a lot of downside pressure for sometime now. With that being said I think we will see support at the possible entry level which should see the market re pricing on the currency looking at the upcoming economic events. We will monitor and update as the days go.
THIS IS NOT AN INVESTMENT ADVISE!!!
Loonie got cornered and about to explode UPCanadian dollar is one of a few major currencies which is strong (thanks to crude that has been pushing it up). It broke from its bearish channel in 2004 and turned bullish. It restested twice the old resistance which now became a support. And now we are about to start a long drive up which will last for months. Just for a few days CAD will be going down before the major swing to the skies...Looks for sells in xxxcad pairs and buys in cadxxx pairs next months.
CXY- a long term buy is comingCAD index droppped all due to fundamental reasons.Looks like its time for it to gain all its strength. We could see a strong CAD in upcoming days
I see a Head and Shoulders PatternI do expect this currency will be recovering some levels and remember we have GDP tomorrow morning and oil is recovering, but for tomorrow probably will be arriving the 79.0 level.
Canada Index - LONGPrice is trading within an ascending channel. If price rejects the channel support, We should expect a strong CANADA for the period.
Short?If this 80.0 level holds we can see a nice correction in this Loonie strength, ill be looking for a move to 77 or 78 so set a liberal stop loss and take a modest position if you're going to take this short that way you can actually stay in the trade.
Good Luck!
CXY Momentum I fully expect the CXY to continue to rally. Long term I expect it to hit 90.
There is a possibility it could make a top around 79.6, decline a few points, and then continue its rally later.
But should it break 80 without any regard for the level, I believe a target of 90 is more than feasible, and may be reached in a quick fashion.
Should this momentum continue, CAD pairs like the CADJPY, USDCAD, and GBPCAD, will continue to be dominated by Canadian momentum while their counterpart may stall on lesser momentum.
Of those, the USDCAD seems to be the most promising. Every rally on USDCAD is a sell.
-dave
CXY might come down to accumulate more before continuing upCXY might come down to accumulate more before continuing up
