Greetings and welcome back!

Let’s take a look at the USD/CAD. We posted an analysis a couple weeks ago about the overall sentiment for this currency pair being bearish. Our analysis remains the same - but look for a retracement back up.

Look for a potential retracement up to the 1.0450 area, which correlates nicely with our trend line (highlighted area on chart).

After this retracement is complete, look for a nice wave to the downside.

If you’re long this pair, be sure to protect your profits.

Good luck and happy trading.

Also, if you’re going to be in Las Vegas for the Trader’s Expo in November, be sure to stop by our seminar on trading strategies. You can register for free by clicking this link.

Greetings.

Similar to the AUD/USD analysis we presented yesterday, it looks like we potentially caught the USD/CAD a little bit earlier in the wave movement.

From an hourly chart, it appears we’re forming a 5 wave Ending Diagonal (ED). What this means is that once it completes, it will shoot up quickly and sharply.

The difference between the AUD/USD analysis is that we are still potentially in the early stages of Wave 5 - which means some more downward movement.

How far downward? Look for a potential target area of just under 1.0100 area. Again, once this formation completes, look for a sharp movement up.

Good luck with trading and we’ll see everyone again tomorrow.

Greetings.

The USD/CAD has been in a long term trading range for a while now. Looking at the end of the current movement, it seems we’re potentially going to see more downward action. Look for the pair to test the bottom trend line and a potential price target of parity.

This does seem to be an Ending Diagonal (ED) and we like these formations because once they complete, they will shoot very sharply in the opposite diretion.

Good luck with trading and we hope everyone has a happy and healthy weekend.

Hello.

Let’s pull up the USD/CAD hourly chart.

It looks like we may be in a potential 5 wave movement up as the 3rd wave of a Zig Zag (ZZ) formation. Now, what does all this mean?

Look at the chart for our wave numbering. This may unfold to a 5 wave movement - and this 5 wave movement will complete a ZZ retracement (ie. after it completes, the currency pair will start to head down).

Just closed a couple long term trades to make more than 11,750 pips in 2010. Check out our trade sheet and signal service.

Good luck with trading today and remember to apply your money management.

Hello.

Thanks to David P. for submitting in a comment and asking us to do an anlysis on the USD/CAD.

Looking at the USD/CAD, it seems that the downtrend will continue - at least for a short time further.

Look for it to potentially hit the 1.0750 - 1.0700 area. Once it hits that area, we’ll have to look at it again because it does seem like the downside selling is losing steam so a reversal may be right around the corner.

This is a tricky week as we have the NFP coming out in a couple days and traders are definitely gearing up for that.

Be sure to perform your own analysis in multiple time frames before getting into any trade.

If there’s nothing before the NFP, we’ll come out with a USD/CAD analysis sometime next week after the market settles from Friday.

Thanks again and please let us know if you have any more questions/comments.

Hello.

Welcome to a new week of trading!

Here is a longer term update for the USD/CAD.

The trend seems to be bearish and look for a continuation of this as we move through the week.

We drew in some trend lines that may act as barriers in this downward channel. The next key price level is highlighted by the horizontal black line, which is the low from 11/5/2008.

Be sure to use your stops and apply your money management.

Good luck.

Hello.

Will the USD/CAD continue to rise? Fundamentals aside, there is a potential good trading opportunity here.

Our analysis shows we will come back down before heading back up.

Is this analysis contrarian? Sure it is. The pair may break the previous high - however, this could be a wick where a lot of people get “wicked” out if it wicks up and then heads back down.

Since we’re near the previous high, one may consider a short here, putting a stop a way’s above the previous high to not get “wicked” out.

If the trade goes against us, we get stopped out at our stop, however, if our technicals are correct, then we’ll be in profit. If it goes our way, as the trade progresses more into profit, move your stops down.

To help determine your “stop loss” price, you may consider a risk vs. reward ratio - which varies from trader to trader. A general consensus is a 3:1 ratio (again, some may have a higher ratio or lower ratio).

If you put your stop at 25 pips, you would put your limit price at 75 pips (giving you a 3:1 ratio).

Again, this is completely determined by your own personal risk tolerance, trading style and money management.

Whatever you do, be sure to always put your stops in and adhere to your money management.

Hello.

Here is a shorter term USD/CAD 5 min chart.

Although you can’t see it in the chart, this movement back up is completing Wave 4 of an Impulse movement down.

So, look for a potential small movement back up and then a move down. Remember, this is a 5 minute chart so this is a shorter-term trade and this can move very quickly in a short amount of time.

Check your announcements, apply your money management and place your stops.

Good luck and happy pipping.

Hello. We hope everyone had a nice and restfull weekend.

This is our wave count for the USD/CAD. As you can see, our count shows we are on the 3rd wave of a Zig Zag (ZZ) movement down. We completed the first wave (of the ZZ Wave 3) as denoted by the “1″. After that, we saw the pair go back up to the 61.8 Fibonacci level from the high at Wave 2 and the low of Wave 1.

Have we completed Wave 2?

Right now, we’re in a watch zone. If the pair breaks the top of the highlighted box, we potentially look for a buy. If the pair breaks the bottom of the box (equal to the low of Wave 1), then we potentially look for a sell.

Remember to always consider your own personal risk and apply your money management techniques when trading.

Good luck and we’ll see everyone shortly.