Usd/cad

[Josh7]

The USD/CAD pair went to a high of 1.3116 on negative CAD data. Very close to my short entry at 1.3130. Let's see if it will get there.

 

[Josh7]

USDCAD broke the resistance at 1.3120. I think bulls will try to bring the pair up to 1.3230 and form a double top there.

 

[Josh7]

The USDCAD is above immediate resistance. 1.3225 is a good short entry level if reached.

 

[Josh7]

Not much has happened lately to the pair. I'm neutral to positive on the pair.

 

[FXX]

Short

 

[fxstrategist]

The USDCAD near resistance

The USDCAD accelerates its bullish momentum, but it may find some resistance at the 1.3200 level. To the downside, the 1.3100 level may act as support and above the 1.3200 level, its next resistance could be the 1.3289 level.

 

[FXX]

The USDCAD accelerates its bullish momentum, but it may find some resistance at the 1.3200 level. To the downside, the 1.3100 level may act as support and above the 1.3200 level, its next resistance could be the 1.3289 level.

why is it accelerating and why might it find support and resistance at those levels?

You see working with might, maybes, perhaps, really isn't conducive to successful trading. There needs to be a tangible reason that is visible by most market participants.

 

[Pat494]

Hasn't topped out yet but not too far away imho

 

[FXX]

here is my reasoning for a swing trade short

1) BOC on hiking path
2) Data has been great
3) new nafta deal done but short term wording issues has softened the currency but not abolished the deal so its temporary
4) oil has dropped significantly and is pretty much at fair value now with risks skewed more to the upside
5) USD hikes more or less priced in. Without much more in the way of fresh data showing an overheating economy, USD is falling short of fresh reasons to keep appreciating.

 

[Wilson80]

here is my reasoning for a swing trade short

1) BOC on hiking path
2) Data has been great
3) new nafta deal done but short term wording issues has softened the currency but not abolished the deal so its temporary
4) oil has dropped significantly and is pretty much at fair value now with risks skewed more to the upside
5) USD hikes more or less priced in. Without much more in the way of fresh data showing an overheating economy, USD is falling short of fresh reasons to keep appreciating.

Good points although I would wait for the 1.3213 to short with a fair target on September low at 1.2782

 

[FXX]

Good points although I would wait for the 1.3213 to short with a fair target on September low at 1.2782

I don't use charts, they add the element of "any narrative" to the decision making process.

 

[Wilson80]

I don't use charts, they add the element of "any narrative" to the decision making process.

I FXX,

So you only use Fundamental? No charts at all!!

 

[FXX]

I FXX,

So you only use Fundamental? No charts at all!!

only after entering a trade to manage it but as part of a wider management plan that includes fundamentals. I don't look at charts when deciding to make a trade.

 

[Wilson80]

I use Fundamentals and Technical analysis before and after I entering a trade. But most Technical.

 

[Josh7]

Good selling point at 1.3260.

 

[FXX]

I have been building a short position so now it's just a case of waiting for the overreaction in oil to have a correction.

 

[FXX]

I'm out the cad position for a nice profit. Closed the week off with just over 5% gain on the account

 

[Josh7]

The pair is trying to correct, I'm still bearish, tho. I hope it reaches 1.30.

 

[FXX]

i hate holding out, sentiment can change in a blink of en eye. small nibbles and often is the way i roll

 

[Josh7]

I got squished. I decided to blame the algos!