USDCAD trade ideas
Don't miss the great sell opportunity in USDCADTrading suggestion:
. There is still a possibility of temporary retracement to suggested resistance line (1.4185). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. USDCAD is in a range bound and the beginning of downtrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 48.
Take Profits:
TP1= @ 1.4013
TP2= @ 1.3920
TP3= @ 1.3464
SL: Break Above R2
USDCAD Elliot impulse wave formationUSDCAD
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 also a 61.8% Fibonacci
From this level we can open short positions and the primary target would be 1.37270 which is a 1.272% Fibonacci
And the final target would be 1.33280 which we are expecting the point where the wave 05 going to close
Stop lose may placed above the 1.43050 level which is a 50% Fibonacci
Leave your comments below
USDCAD Weekly Wave AnalysisUSDCAD Weekly Wave Analysis, The pair is in the Triple Three pattern as shown in the chart.Right now the wave Z is unfolding and it has target 1.5323 from there bearish decline will start.
UC USD CAD SHORTGood setup on the marked resistance for quality shorts,wait for price to hit the targeted zone
See price reaction in the zone,
Be patient
USDCAD Intraday ForecastAs we forecast downtrend for this day, so Forecast City suggests sell (limit) below R1=1.4295.
But the short term forecast is range bound, so we expect to reach the following targets:
TP3: S1=1.4165.
TP4: S2=1.408.
Set the stoploss of these orders at breakout of R2=1.4335.
Stop and reverse:
If trend gets reversed, buy (stop) orders will be opened at breakout of R2=1.4335.
In this situation, there is an expectation to reach the target R3=1.4475.
Set the stoploss of reverse orders at breakout of R1=1.4295.
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USDCAD - Confirmation give signal to sell it .Divergence + Price Action + Resistance Level + Indicators . All these confirmation are confirm.
Nice kick-off for long term uptrend Price have clear uptrend and yesterday price provides nice kick-off for uptrend move. The market has clear space till 1.45279
