Price reversed at this years highs after the Canadian jobs data leaving a bearish daily candle in its wake.
After sprinting higher immediately after the data release price lost ground rapidly. Enough of a rejection to warrant a close monitoring of the PA going into the new week.
Always best to be wary of trading early on Sunday / Monday if you have anything other than a very short term poachers view. Often best to let price settle before trading a bias………..I’ve opened a half size short at 1.2584. My plan is to wait for a break of the 1.2560-50 area shown in the charts below to add to to the position
Best of luck with your trading as we enter the new week.
USDCAD Daily
–Please note– The level in the above chart should read 1.2560 – 50 …………Watch for a move below this area today with a decent follow through + momentum to confirm the short bias.
USDCAD Hourly
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Hi Horie, what do the coloring ins / shaded areas mean? haven’t seen you use them like that before
Afternoon Johnners
It’s just to illustrate the the daily range. The base of the shaded area corresponds with the bottom of the cloud, which is a handy bespoke level to watch for any short trade entry .
definitely agree it looks set to go lower just waiting for a break of the 1.2559 swing low of Friday
Here’s hoping John.
Best of luck this week ….I can’t work out who’s going to be Johnners1 and Johnners2 LOL
no break yesterday of the 1.2559 swing low but looks like it may happen today?
Apols John, I was on the road yesterday.
I’m still in with a half trade size from 1.2584. The chart structure’s still the same. It’s not so much about the CAD now and all about the big USD moving data coming up later today.
I will be trading less and looking for small wins until that is out of the way.
That support level is holding up well as you say it is now probably down to the US data later today. It is primed to break to the downside so if the data is negative could be a good short trade opportunity.
well as you said all about the US data and then the dollar goes lower and we did finally get the break of the 1.2559 support level for a nice short trade entry and its still going lower
Yep. I’m happy with that mate, and got my second half filled on the way down. Hope you were on it !
I’ve been a little quiet this week as it’s Chinese New year and we’re spending time at the wife’s family home
. I’m managing to do a bit between the food and drink marathons …….Back to normal next week 🙂
Well let me wish you and yours a Happy New Year and of course a prosperous trading new year! Look forward to more your posts next week