Trading 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...
USDCAD
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 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.
As 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...
As we forecast uptrend for this day, so Forecast City suggests buy (limit) above S1=1.3565.
But the short term forecast is range bound, so we expect to reach the following targets:
TP3: R1=1.3695.
TP4: R2=1.376.
Set the stoploss of these orders at breakout of S2=1.352.
Stop and reverse:
If trend gets reversed, sell (stop) orders will be opened at breakout of...
