UsdCad short term

FX:USDCAD   美元/加元
163 6
In the bigger picture the swing lows in Red are still falling so we are only expecting price to retrace here, however the inset swings are advancing in blue. We cannot short when we have higher highs and higher lows on the insets, but we can long these insets every time they retrace if the swing low holds. The first zone has taken multiple hits and is pretty beat up. The mid zone seems feasible to reach at 1.3207. Alternatively if price falls below the last swing low in blue then price has lost momentum to keep moving higher 1.2992 needs to hold price up. If the inset swings are still moving up after reaching a zone then the zone is no good to us to short from.
I think demand is next up
Bo kate25
@kate25, Yes. I had the fortune to witness the wicked surge up in the Canadian Dollar at exactly 8:30 AM. In just one, two, three seconds, it shot upwards, presumably in response to unemployment numbers or whatever report. Very exciting to see it up close like that. Thankfully, I added a 3rd Canadian$ long just the night before and got a nice boost in equity. Together with the two long Mexican Pesos, this is my long term position income generator. I enjoy watching and charting everything, but must resist dabbling in eye catching varmints that bite and scratch. Thank you for sharing your work, a unique genuine style, encompassing and enlightening. Like a scaffold, rungs on a ladder, energy levels of electrons, orbitals. Refreshing and grounding!
Nice scaffolding you've created for the price levels, meaningful and useful. Just amazing how price acknowledged your zones and last night reached up and just nicked the shaded 1.3207 to 1.32232 level. And this is exactly what you anticipated when stating, "...we should test the next level up which is more feasible". Upon hitting that 'supply' area, price thirst seems quenched and is retreating. As I am currently long a couple of March Canadian Dollar futures a hair above breakeven, your insight is wonderful. Thank you, Mademoiselle Kate.
@Bo, hey I think these smaller insets look like they are heading down - I will see how they play out
Bo kate25
@kate25, "...these smaller insets look like they are heading down"
Yes, they sure do. Thank you again. And may your trading bring all the riches you desire!
kate25 kate25
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