For the past year or so, the Canadian dollar or the Loonie as some traders call it has overtaken the USD. However, it appears that the USDCAD pair could already be bottoming. [Read more…] about Canadian Dollar To Retreat Versus the USD?
It’s been awhile since I posted about the forex market. But guess what? I’m back in the FX trading arena! So as I was scanning through the charts of the major currency, the USDCAD got my attention in a snap! [Read more…] about Canadian Dollar To Appreciate Some More?
Despite the US dollar‘s weakness, it has been falling like a man trying to rally from every drop against the Canadian dollar when they hit parity. For the past few months, the 1.0000 level had been a very strong support for the greenback. However, now that the value of the US dollar versus the Canadian dollar (USD/CAD) is [Read more…] about The US Dollar Drops Like A Man
Updates: 11pm 3-10. Stop loss moved to my entry price to prevent losses.
Updates: 12am 3-10. (the right image is a 1-hour chart of the same currency and the red circle indicates where the trades took place) Exited @1.0233. Gained 38 pips!
A potential descending triangle chart pattern (indicated by the yellow lines) is being formed by USDCAD as it consolidates sideways. The current price is at the support line right now. Is the value of this currency pair going to breakdown soon and confirm the descending triangle formation or will it bounce back up as the stochastic is at the oversold level?!?! Any of your technical analysis?