USDCAD trade ideas
USDCAD DAILY ANALYSIS 30-11-2021#forexsignals #freeforexsignals #dailyforexsignals #weeklyforexsignals
#USDCAD daily bias looks bearish. The seller’s price of interests are 1.2766, 1.2786
The possible targets are 1.2693, 1.2673
These analysis are based on the current market swing and we update our views based on the upcoming future swings
DAILY ANALYSIS USDCAD 24-11-2021#forexsignal #freeforexsignals #dailyforexsignals
#USDCAD Intraday momentum is bearish. Sellers price of interest are 1.2713,1.2720,1.2732
The possible targets are 1.2640,1.2609
These analysis are based on current market swing and we update our views up on the upcoming future swing
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USDCAD: BEARISH CONTINUATIONAccording to elliott wave rule , in an impulse wave 4 cannot intervene into the the territory of the wave 1 . The current structure shows that USDCAD is forming a wave 4 & is likely to end soon. One should go short on any rise keeping SL of 1.2595 & look for the target of 1.2285 and 1.20500 and below.
USDCAD stays directed towards 1.2480 key resistanceDespite failing to cross a convergence of the 200-SMA and a 50% Fibonacci retracement of June-August upside, the USDCAD pair remains above four-month-old horizontal support. Given the firmer RSI conditions, not overbought, the bullish momentum is likely to prevail for a while, which in turn can allow the pair buyers to cross the 1.2480 resistance confluence and challenge September’s low near 1.2495. Should the quote manage to cross the 1.2495 hurdle, also the 1.2500 threshold, the run-up to the 1.2600 round –figure can’t be ruled out.
Alternatively, pullback moves may aim for the stated multi-day-old horizontal support near 1.2420, a break of which will direct the sellers towards a 61.8% Fibonacci retracement level of 1.2365. In a case where the USDCAD bears keep reins past 1.2365, October’s bottom surrounding 1.2285 will question further downside. To sump, the pair’s rebound has the momentum support and hence is capable of breaking the immediate barrier to the north.
USDCAD Retracement LongLogic
Prices tending to retrace upwards with good momentum
All Levels Mentioned On Chart
How to trade the setup?
When the chart says Long or Short at particular level, Put a Stop Order at those levels, Levels are strict
T1 : is Target 1
T2 : is Target 2
When you achieve your first target, book profits of 50%
and shift the stops to the cost
The term Catastrophe Stop, is a maximum movement of price that can happen in opposite direction of trade
so that the setup remains valid, Its basically used, to give some breathing space to the trade,
I may call for a recovery if the setup becomes invalid as the market progress.
As we all know anything can happen in the market and we should respect that
At Last, do your own analysis, before trading your money!