CAD loses quickly

CAD loses quickly

24 February 2020, 11:15
Daniel Stein
3
218

CAD loses quickly

Today we'll have a closer look at the Canadian Dollar.

So let's start with it's major pair USDCAD

2402_fxt

The last SELL trend on D1 is about to break soon and once it's broken

we'll see the perfect line up from M1 up to MN.


So let's move on to our in-depth currency strength analysis.

2402_fxp1

USD and CAD were strong and floated around each other which is why my long trade from last week didn't work.

But since I use 3 FX Power instances in one sub-window (thanks to our VIP member Alin) things are much clearer.

2402_fxp2

The CAD dropped across all three instances down to the weak zone while the USD gained strength again.


So let's move on to our support and resistance analysis for USDCAD

2402_lh

As we can see there is plenty of space around our trade


And this is how the complete USDCAD chart looks like

2402_USDCAD

So now we know we have stable conditions on USDCAD -> time to check the CAD cross pairs

And indeed we found two additional trading opportunities to participate from the CAD weakness.

CADJPY

CADJPY

and EURCAD

2402_EURCAD

UPDATE at 16:00 GMT

Due to an immediate drop of the USD in terms of strenght our USDCAD trade got stopped.

The positive thing is that this USD drop pushed EURUSD up and USDJPY down.

So now these majors are in the lead and keep our crosspair trades nicely in profit.

CADJPY at 16:00 GMT

2402_CJ

EURCAD at 16:00 GMT

2402_EC

CADJPY was finally closed a day later around 10 GMT with a profit of 70 Pips

2502_CJ_res

EURCAD is still running a day later around 10 GMT with a secured profit of 41 Pips

2502_EC

Find the right trading opportunities day by day!
(and learn when to better stay out as well)

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All the best and happy trading
Daniel

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