The Dollar has been weaker for this time and thus all the dollar pairs seems to be bearish. This setup looks good for selling opportunity and aiming for 1.3370.
Note- This is my own analysis and thus not to be considered as trading signal, before making any decisions kindly do your own research, as trading is highly risky.
USDCAD recently broke down the uptrend and retested the imbalance area. We can witness a smooth move of 240 pips taking. We will have to wait for price to settle down on Monday as we had NFP On Friday.
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price is making HIGHER LOW follow the HL and wait for the price to get into Higher time frame SUPPLY ZONE
we further look for LOWER HIGH & LOWER LOWS
with good risk to reward we can enter the trade and aim for the recent HIGHER LOWs (marked in green zone)
FX:USDCAD
As you can see that, USDCAD has created a Double bottom pattern. If it breaks the drawn neck line level then we can plan for buy side and it is for monday (07-08-2023) Plan your trade accordingly...
FX:USDCAD
As you can see that, USDCAD has created a head and shoulder and if it breaks the support neck line, gives retest then we can plan for sell side... plan your trade accordingly.....
FX:USDCAD
As you can see in USDCAD in 1Hr Time frame has formed Inverted Head and Shoulder. if it breaks the Neck line and retest the neckline level then we can go for buy side. Plane your trade accordingly....
Please check the Long term analysis for the bigger picture;
As per the bigger picture we know there is a Flat structure forming and hence we will have a downward Impulse; In short we will have a 5 Wave structure formed in the downward direction; Below is the Wave 1 complete picture verifying every Wave in the Wave 1 which confirms completion of the Wave 1 and now...
We see a downward Impulse complete and then a Correction ABC, in the upward direction which is Wave A; Wave B will be a downward correction as Wave B is in counter Trend direction; also we see in Wave B we have a Wave A as a 3 Wave structure Wave B also is a 3 Wave structure hence Wave C will be a downward Impulse and thus Wave B will complete.
Hence we are...
USDCAD has given us a beautiful retracement to the downside and this has given a great opportunity to take a long in this pair.
This region holds strong support(Weekly and Monthly) at prices that are supposed to bounce from here to the region of 1.38900 approx.
So, we can take a long position here :)
FOLLOW US FOR MORE!!!
Okay, so what kind of situation do we have here in this pair...
Today USDCAD got support around at 1.37500 area. Now, prices might test 1.39000 levels before continuation to the downtrend ( As the region is broken).
But it's not the right time to enter short as we have to see the market reaction at 1.39000 levels. If prices get a rejection from there then we...
The weekly is turning up against the 9/8/2017 lows at 1.2061. The daily & 4 hour right side is up with a bullish sequence against the 12/31/19 lows at 1.2944. While below 1.4266 where the hourly is turning down the pair can continue lower to correct the cycle up from the 12/31/19 lows.
The weekly is turning up against the 9/8/2017 lows at 1.2061. The daily & 4 hour right side is up with a bullish sequence against the 12/31/19 lows at 1.2944. While above 1.3995 where the hourly right side is up the pair can bounce to correct the cycle lower from the 3/19/20 highs before a turn lower to correct the cycle up from the 12/31/19 lows.
The weekly is turning up against the 9/8/2017 lows at 1.2061. The daily and 4 hour right side is up with a bullish sequence against the 12/31/19 lows at 1.2946. While above 1.3850 where the hourly is turning up the pair can bounce to correct the cycle lower from the 3/19/20 highs before a turn lower to correct the cycle up from the 12/31/19 lows.
