Yesterday night the USDCAD started to trade in a bearish market condition and earlier today it gave me a signal to go short:
USDCAD
It looks ok now, it is also trading below every important level in the short term charts, indicating a very strong downtrend in the USDCAD
Trade Safe!
Raul Lopez
The USDCAD has been rejected from the main resistance zone around 1.0680:
USDCAD
It will probably continue its way down to the next LT support zone around 1.0412, therefore I will be looking for short opportunities.
Trading Plan:
As long as the USDCAD keeps trading below 1.0607 I will be looking for short trade opportunities.
Long opportunities will be ignored.
Trade Safe!
Raul Lopez
The USDCAD is trading at an important LT level:
USDCAD
We need to wait for the market to break either side of the range, then we’ll start looking for a trade opportunity.
My Plan:
If the USDCAD breaks the ST resistance level, it will trigger a bullish market condition and I’ll be looking for long opportunities.
If the Canadian Dollar breaks the ST support level, it will trigger a bearish market condition and I’ll be looking for short opportunities.
Trade Safe!
Raul Lopez
An image is worth a thousand words:
USDCAD
Pretty clear isn’t it?
It is right in the middle of the range, we still have a long way before the USDCAD reaches the next LT resistance level, and therefore long opportunities are in play.
Here is my Trading Plan:
As long as the USDCAD trades above 1.0491 I will be looking for long trade opportunities. My next LT level is at 1.0691
Short opportunities are out of play in the Canadian Dollar
Trade Safe
Raul Lopez
The USDCAD traded in an undefined range for a while, but now it has broken a major support level indicating a strong bearish market condition:
USDCAD
This market condition is likely to continue until it hits the next long term support level at 1.0273, until then I will be looking for short trading opportunities.
My Trading Plan:
As long as the USDCAD keeps trading below 1.0606 I will be looking for short trading opportunities. All TP orders will be set above the next long term support level at 1.0273
All long opportunities will be ignored.
Trade Safe!
Raul Lopez
The EURUSD continues to trade in a bullish market condition, I’m still long here and I think I will hold this trade until it reaches 1.5300ish. Today the market had a retracement, after the core CPI announcement, luckily it didn’t broke the short term support level. Still looking to add positions.
The USDCAD yesterday was in a bearish market condition, it broke the short term range for the downside but it came back up. So right now I have widened up the short term range and waiting again for the market to break either side of it 1.0356 – 1.0207. If the market breaks the ST resistance level, I will be looking for long trading opportunities. If the market breaks the support level I will be looking for short trading opportunities.
Trade Safe!
Raul Lopez
Looks like the USDCAD will head for parity. The market traded in a range for a few days, that’s the kind of behavior we usually see when the market reaches an important level. But right now, it looks like the USDCAD is out of that range. Take a look at the next chart:
USDCAD
My Trading Plan:
As long as the USDCAD keeps trading below the 1.0268 I will be looking for short trading opportunities. All take profit orders will be set above the parity (strong support is expected around that zone).
All long opportunities will be ignored.
Trade Safe!
Since the first days of August the USDCAD has been trading in a range in between 1.0659 and 1.1067, but today is out of it. Take a look at the next chart:
USDCAD
In the chart above is clear that the USDCAD is out of that range, this puts the USDCAD in a bearish market condition.
My Trading Plan:
As long as the market keeps trading below 1.0622 I will be looking for short trading opportunities. All my TP orders will be placed above the next long term support level around 1.0319
All long opportunities will be ignored.
Trade Safe!
Raul Lopez
Last week the USDCAD seemed that it would continue to trade in the range between 1.1067 and 1.0736, but earlier this week the USDCAD started to break the long term support level, and frankly, I think it will continue to move down, at least until it hits the next support level. Please take a look at the next chart:
USDCAD
My Trading Plan for the USDCAD:
Will look for short trading signals, and will set all TP levels above its next long term support level around 1.0320
All long signals will be ignored.
Good luck!
Raul Lopez
The USDCAD is trading at an important long term resistance level around 1.1059. We need to wait for the market to make its move before we start looking for trading opportunities, so we have market the short term S&R levels, please take a look at the next chart:
USDCAD
Remember green lines are short term S&R lvls, while blue levels are long term S&R lvls.
My Trading Plan:
If the market starts to trade below the ST support level around 1.1036, I will start to look for short trading opportunities. The next long term support level is around 1.0811.
Right now, long trading opportunities are out of play.
Good luck!
Raul Lopez
