luckyanand12
Sergeant
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CAD/JPY and USD/CAD analysis
Besides our existing bearish bias on JPY pairs (bullish on JPY); today's tweet1 (link cannot be given, read my blog/site) and tweet2 create uncertainty about US-China trade deal which makes JPY (the save haven) even more bullish.
Our USD/CAD scenario already shows that we've recently been bearish in CAD. CAD resumed its fall/rise in USD/CAD after a minor downward retracement at USD/CAD. Since we are bearish in USD/JPY, we have now preferred to sell CAD/JPY instead of buying USD/CAD. However, we may tomorrow close CAD/JPY and enter buy in USD/CAD if FOMC will be hawkish.
Alternative idea: half trade (a sell in CAD/JPY) and half trade (a buy in USD/CAD) can be done together.
Basically we have to sell CAD again and we should sell it against the strongest one. If you have read my comment on USD/CHF, you know that I have closed re-entered sell of USD/CHF today; which means that I am no longer considering CHF strong. Therefore, re-entered sell of CAD/CHF trade (view its comment) has also been closed at BE and hence we had to find another strong currency to sell CAD against in order to resume selling CAD.
Here is what I see on CAD/JPY charts.
On H4 time-frame: A 3 drive look alike pattern is under construction:
On daily/D1 time-frame:
ABCD100.0 is our minimum target/TP. All other targets such as 3-drive completion point (80.368), FIB61.8 of the whole swing up (81.233) and abcd100.0 are beyond it.
Set SL above yesterday's high/point c.
Besides our existing bearish bias on JPY pairs (bullish on JPY); today's tweet1 (link cannot be given, read my blog/site) and tweet2 create uncertainty about US-China trade deal which makes JPY (the save haven) even more bullish.
Our USD/CAD scenario already shows that we've recently been bearish in CAD. CAD resumed its fall/rise in USD/CAD after a minor downward retracement at USD/CAD. Since we are bearish in USD/JPY, we have now preferred to sell CAD/JPY instead of buying USD/CAD. However, we may tomorrow close CAD/JPY and enter buy in USD/CAD if FOMC will be hawkish.
Alternative idea: half trade (a sell in CAD/JPY) and half trade (a buy in USD/CAD) can be done together.
Basically we have to sell CAD again and we should sell it against the strongest one. If you have read my comment on USD/CHF, you know that I have closed re-entered sell of USD/CHF today; which means that I am no longer considering CHF strong. Therefore, re-entered sell of CAD/CHF trade (view its comment) has also been closed at BE and hence we had to find another strong currency to sell CAD against in order to resume selling CAD.
Here is what I see on CAD/JPY charts.
On H4 time-frame: A 3 drive look alike pattern is under construction:
On daily/D1 time-frame:
ABCD100.0 is our minimum target/TP. All other targets such as 3-drive completion point (80.368), FIB61.8 of the whole swing up (81.233) and abcd100.0 are beyond it.
Set SL above yesterday's high/point c.
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