I’ve been waiting for the USDCAD to retrace back to the main ST resistance level around 1.0249. It was a strong support earlier this week, but yesterday it broke through this level down and it looks like this level will keep the market from reaching higher levels:
As long as the USDCAD keeps trading below the ST resistance level I’ll be looking for short opportunities.
Trade Safe!
Raul Lopez
Forex Training
The USDCAD is trading in a very clear bearish market condition, only short opportunities are in play. I’d like to see how the USDCAD behaves around the ST resistance level at 0.9574. If I get a significant pattern with downward pressure around that level I’ll definitely go short:
The next LT support level is at 0.9261
Trade Safe!
Raul Lopez
Forex Training
Earlier this morning the USDCAD broke through an important LT support level triggering a bearish market condition:
As long as the USDCAD trades below 0.9698 I will be looking for short opportunities.
The next LT support level is around 0.9261
Trade Safe!
Raul Lopez
Forex Training
The USDCAD is ranging in a not well defined ST range around and important LT level (the parity, which is also a psychological level):
Once it breaks the ST range, I will start looking for trade opportunities in the direction of the breakout.
Trade Safe!
Raul Lopez
Forex Courses
The USDCAD is trading in a bullish market condition, earlier this morning it broke through an important ST resistance triggering its condition:
As long as the USDCAD trades above 1.0133 I will be looking for long opportunities.
Trade Safe!
Raul Lopez
Forex Training
The USDCAD is trading in a short term range around a LT important level. The range isn’t well defined, therefore I’m not going to trade the Canadian Dollar unless it breaks the either side of the range:
Once the market breaks the ST range I will look for trade opportunities in the direction of the breakout.
Trade Safe!
Raul Lopez
Forex Training
The USDCAD is still trading in a bullish market condition, even when the last two candlesticks are bearish, the Canadian dollar was rejected from an important LT support level and it is likely to continue its way up:
The next LT resistance level is at 1.0334. As long as the USDCAD trades above 1.0161 I will be looking for long opportunities.
Trade Safe!
Raul Lopez
Forex Training
The USDCAD is trading near a LT support level, every time the market is near an important level, it trades in a short term range, we then need to establish the ST support and resistance level s that the market needs to break to start either a bearish or a bullish market condition. These are my levels for the USDCAD:
I’m waiting for the market to break either side of the range to start looking for trade opportunities (in the direction of the breakout).
Trade Safe!
Raul Lopez
Forex Training
The USDCAD is trading in a bullish market condition and I’m still looking for long opportunities:
I’d like to see how the USDCAD behaves around the ST support level (green line), if I see something significant with upward pressure around that level, I’ll definitely open a long trade.
Trade Safe!
Raul Lopez
Forex Course
The USDCAD is trading in a very strong bullish market condition. A few minutes ago the Interest rate from Canada was released (no change, steady at 1%) and the market reacted selling CAD:
What is interesting about the USDCAD is that the next LT resistance level is at 1.0653, more than 300 pips away from where the market is trading right now, we have plenty of room.
I will be looking for long opportunities in the Canadian Dollar.
Trade Safe!
Raul Lopez
Price Action
The USDCAD was trading in a short term range in between 1.0089 and 1.0205, but earlier today it broke through the short term support level triggering a bearish market condition:
I will be looking for short opportunities as long as the Canadian dollar trades below 1.0089. The next LT support level is below the parity.
Trade Safe!
Raul Lopez
Forex Training
The USDCAD is trading near a LT support level, we need to wait for the Canadian dollar to break the short term zone before we start looking for trade opportunities.
Here is where I have my levels:
If the USDCAD breaks the upper green resistance level I’ll start to look for long opportunities
If the USDCAD breaks the bottom green support level, it will trigger a bearish market condition and only short opportunities will be in play.
Trade Safe!
Raul Lopez
Forex Training
Earlier this morning the BOC hiked interest rates to 1% (from 0.75%), even after this important announcement the USDCAD still is in a bearish market condition:
USDCAD
The USDCAD is likely to continue its way down until it finds the next LT support level which is at 1.0160.
Only short opportunities are in play in the USDCAD.
Trade Safe!
Raul Lopez
Forex Training
Last two weeks the USDCAD was trading in a well defined range, in between 1.0662 and 1.0488, but earlier this morning just after the NFP announcement, the USDCAD broke the lower extreme of the range:
USDCAD
Its Friday and probably a little late to start a position right now, but I will definitely look forward for a trade in the USDCAD early next week!
Have a good weekend!
Raul Lopez
http://www.straightforex.com/
The USDCAD has been trading in a very clear and smooth market condition, every time the USDCAD gets close so an important level its trades in a short term range and then it gets rejected from there:
USDCAD
If the USDCAD keeps trading in between the both ST green lines, I will trade the ST range
If the USDCAD breaks the upper green resistance level I will only look for long opportunities
If the Canadian dollar breaks the lower resistance level I will only look for short opportunities.
Trade Safe!
Raul Lopez
http://www.straightforex.com/