FXC - Canadian Dollar ETF

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TS3 Buy signal on the daily chart of FXC just triggered. FXC is an ETF that holds Canadian Dollars.

The second chart shows how MTP caught the last TS4 Buy signal on this ETF that marked the start of the last historical bullish trend in the Canadian Dollar.

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TS3 Buy signal on the daily chart of FXC just triggered. FXC is an ETF that holds Canadian Dollars.

The second chart shows how MTP caught the last TS4 Buy signal on this ETF that marked the start of the last historical bullish trend in the Canadian Dollar.

Follow up on FXC:

The FXC charts (daily and 60 min) tell the story. After a gap up and break of a trend line the price is currently testing a previous high.

A better feel for the probable course of this trade can be gained by assessing the trend of the Canadian Dollar against the US Dollar in the spot market (i.e. daily chart of USDCAD). (Note: In the USDCAD daily chart the value of the US Dollar is plotted in terms of the Canadian Dollar. As the down trend (i.e. weakening of the US Dollar) in this chart continues, the value of Canadian Dollar and hence the value of FXC (the ETF that holds the Canadian Dollar) will continue to increase.

The USDCAD daily chart also shows the potential DP areas where the falling USD may find some support and bounce -- i.e. the potential for the USD retracement and hence the need to monitor this trade closely to protect the current profits.

In addition to the daily time frame, this trade can also be managed on a lower time frame (60 min). There are advantages and disadvantages to this approach.