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 :)
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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...
There is a wedge pattern in daily chart of USDCAD, and indicating that it may test 1.3800 level again.
So, it's a great time to go short on USDCAD and TP - 1.3900 approx.
It have high chances to test this level
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.
pic speaks a lot... but now only I have few words left.. here u go....
1) a double top in 1W..
2) 4hr a trend reversal is confirmed
3) 30 min a LH formed and started a fall.. hit 1st target.
4HR - target -- 1) 1.40082 (already hit the target.)
The oil dependant canada is nowdays struggling to recover as the oil prices are are at low level and currently trading at 20 dollar per barrel
Which inturns its affects the CAD negatively
Currently in USDCAD Elliot wave if forming, Wave 01 is completed and wave 02 is forming
We can expect to close this wave at resistance level 1.42100 which is...
USDCAD has been moving in a rising channel pattern from the past one month from which it took a breakdown in the previous session. The price has given a daily close below the lower trendline, confirming an upcoming bearish move in the pair. The take profit is set at 1.31833 and stop-loss at 1.3193.
USDCAD the pair has been bounced with the bullish trend, Currently the pair trading below the Daily Resistance level @1.3379 with the lastest 4hr resistance @1.3390, The pair holding a bullish pattern , we can see a short term sell before rally to test support @ 1.3320/1.3300 , However we keep a bullish bias (targeting USDCAD 1.36 by year-end) in light of...
As i am observing on chart that price is in consolidation. but the possible trend is down so every pullback is a opportunity to take short position
If any possibilty to buy get that trade only when you have good money management. Y " wave is question mark because if we focus on w " wave it is also a three wave corrective structure from that point may be...
broke counter trendline and it looks like inverted H7S break in 1H time frame but shoulders look very shallow but it has broken the counter trendline H&S can be combined as the launching pattern for this. DXY looks to have support around 92.81 area.
USDCAD was on bullish trend from last week, but we can see a consolidation from last 2 days
the question is " is this the end of shot bullish trend"
so here is what i think
from last few days it has been resting on weekly pivot and testing its support and below that is the fibo 50 Percent support in any chance if it breaks the pivot i might end up hitting fibo...