The usdcad is still in a down trend , buying the consolidation an be very dangerous!! Most traders lose their account trying that. It is better to catch an impulse than to trade the consolidation.
Whew that can be scary, thanks so much for the caution Anil :)
andreas1
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thanks Anil! It´s looks that you think!Hope the Oil will continue the up trend to confirm this... what do you think about it? the oil will be up this week?
chartwatchers
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I see internal weakness in this downtrend...
The CAD should be double strong now to continue this downtrend with the strengthening dollar.
KennTrade
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Good advice... FXCM - SSI is 1.7 long for this pair which is a contrarian short sell against the crowd. You can either be patient and wait for a divergence to form on the counter trend move, or be patient and wait for price to take out the swing low. It depends upon your Risk-Reward objectives.
Take care & follow the trend!
NHTG
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Thanks Anil. I'll be patient and wait for an impulse.
Wave-Trader
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this pair behaving strangely sir
danthetrader
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Good job Anil as always! Hope we can get that move and doesnt surprised us as USDJPY did :) Have a great weekend.