Range trading NZD/CAD, forex trading USD/CAD in symmetrical pennant [Video]
|In our last video, we talked about going long on AUDCAD.
Look what happened.
On AUDCAD price rose 143 pips from low to high and we hope you caught some of that.
After a triple top, price action fell to the lower trend line, twice, and rose again.
This illustrates the importance of trading with the trend and paying attention to trend lines and patterns.
However, watch all your AUD and CAD pairs today as we had an RBA interest rate decision today and they lowered rates
We will see CPI from the UK tomorrow which with give the BoE some idea about inflation.
And, Thursday is all about PMIs from Europe, the UK and the USA.
The US Manufacturing PMI may tell us about US corporate attitudes about manufacturing in the US after all the tariffs.
We see CAD pairs in a variety of states: strong, weak and ranging.
But, price action is forming a symmetrical pennant on USDCAD and, if we move out to the daily chart, we see that this might be bullish.
Continuing with CAD pairs, we see a range trading opportunity on NZDCAD and the stochastic oscillator has successfully picked thew highs and lows.
Of course, if you want to trade CAD, you need to pay attention to the Crude Oil market.
We see WTI continuing its bear run with price action at a key level of $62, trying to fill the gap.
And, quickly, the downward channel on Silver continues.
Watch your trend lines.
That’s all for now.
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