The USDCAD is trading in a very strong bullish market condition in both, the short and the long term charts:
USDCAD
Since the USDCAD is in a bullish market condition, I will be looking only for long opportunities.
The next LT resistance level in the USDCAD is at 1.0658
Trade Safe!
Raul Lopez
http://www.straightforex.com/
As you already know last Friday the NFP was released (yellow square), take a look at the next chart:
USDCAD
The USDCAD was moving down in a smoothly way (blue arrow), then the NFP announcement made the USDCAD spike up, but after that it moved back down again (green arrow), and looks like the USDCAD will continue its way down until it finds the next LT support level around 1.0184
Personally, I wouldn’t trade the Canadian dollar, there are other opportunities that are clearer and safer.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
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
Ahhh man, I thought that after the NFP announcement last Friday we were going to see more trading opportunities, but that’s not the case. Last week most pairs ranged, in the first two days of the week we have more ranges, just one opportunity: Short USDCAD (we wrote about this yesterday), but in the others… nothing for no one….
Trade opportunities:
USDCAD – Short
Trading at an important level:
EURUSD
USDCHF
USDJPY
EURGBP
GBPCHF
EURJPY
Not clear market condition:
GBPUSD
GBPJPY
NZDUSD
However, remember we got 6 pairs trading at important levels, as soon as they get out of the short term range, we’ll be trading them. Anyway, remember we are not supposed to trade every day, we are supposed to trade when we really have a good chance to win.
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
free trading sessions (which you can subscribe from here).
Today the market is clearer than yesterday, we have plenty of trading opportunities in the EURUSD, USDCHF, USDCAD, GBPCHF and more. Please see the video for details.
In this video: Daily analysis on major forex currency pairs (and some crosses):
If you cant see this video you need to download this codec
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
Right now the Canadian dollar is trading at an important support level: low created the first days of June plus it was an important resistance level from August to September last year. But, hot is this going to help us take a better trading decision? Ok, first let’s take a look at the next chart:
USDCAD
When we see the market trading at an important long term support or resistance level, it usually trades in a short term range, the short term range for the USDCAD right now is between 1.0877 and 1.0789. So I will wait for a breakout of wither side and look for trading opportunities in the same direction.
My Trading Plan:
If the USDCAD breaks 1.0877 for the upside, I will start to look for long trading opportunities targeting next LT resistance level placed at 1.1197.
If the market breaks 1.0789 for the downside, I will look for short trading opportunities targeting next LT support level around 1.0318
Good luck
Raul Lopez
