How to create
canadian stock charts
for canadian online stock trading
How to find best canadian stocks to trade
Most traders and investors using Canadian stock charts think about how to trade Canadian stocks. It is not necessary to trade directly on Canadian stock exchanges like TSX in Toronto. It is possible to find best Canadian stocks also on US stock exchanges.Trading of best Canadian stocks on US exchanges has one advantage for US Dollar based investors. It decreases currency risk. These stocks are traded on US Stock exchanges and their prices are quotes in US Dollars. It is also possible to go directly to canadian stock market and trade canada stock market directly. I would like recommend to hedge currency exposure with forex currency trade or using currency ETFs. Good online trading broker should provide such option for you.
How to create canadian stock charts
with canadian stock quotes
I would recommend these steps to create Canadian stock charts. I use
Amibroker
as my
stock analysis software
so this will be based on this software.First you need to select these stocks. One possible step is to find screener which selects companies traded in USA but with base country Canada. This free stock screener site -
Finviz
- allows you to produce such screener. Just go to the menu option "Screener" and in Descriptive list find option "Country" and select Canada.
It will produce list of a many companies. Just export them into Excel file. When you open such file in Excel you can cut and paste tickers and import them into one watchlist in Amibroker. Then you can scan them to find best Canadian stocks to trade.
How to find best canadian stocks to trade ?
My method is simple. I like to find stock with best
relative strength
to current market. As we trade on US Stock exchange you can compare it to S&P500 Index.Here is current situation in SP500 index.
I used more FinViz screener features and found some best Canadian stocks with most relative strength for long type of trade and with most relative weakness for short stock trade.Check CNI, LULU charts as best Canadian stocks for long trade
IMAX chart is opposite. It shows weakness but it could be one of the best Canadian stocks for short sell trade in near future.
Situation on charts above does not offer immediate stock trading setup but is is good to monitor all of them for possible pullback and set up entry accordingly.
Use Canada ETF to track canadian stock market
I prefer to trade on US Stock exchanges. I trade there also international indexes and international stock markets using international etf shares. These exchange traded funds are better way how to invest into international stocks and markets.Trading on international exchanges is not so easy as in USA, these exchanges could offer also lower liquidity in local stocks and also local trading fees could be much higher. Trading
international etf shares
on US Stock exchange is also better from currency point of view. All currency movements are immediately priced in so it is not necessary to trade stocks and hedge currency exposure. International ETF shares listed in USA are traded in USD. There is possible to trade best Canadian stocks using ishares canadian ETF with symbol EWC.
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