ArcusFX

USDCAD longs to top of Channel!

Long
OANDA:USDCAD   U.S. Dollar / Canadian Dollar
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2
USDCAD has been consolidating at the supporting trendline of a weekly channel and is currently forming a H&S pattern. Two possible ways to enter would be a pull back to the 4 hour channel around 1.32 evens. or a break of the neck line of the H&S pattern. (@ 1.33500)

Entry would be preferable a closure of a pin bar or engulfing on the 4 hr .

Long term Targets is 1.38


Things to be aware of:
- January monthly closure was very bearish so taking profits at key levels (1.33500) 1.34

- This could be just a pull back to continue further down if USD weakens.

- CAD is bound to get weak if oil breaks below $55. Would confirm the double top .

- The sell off on USDCAD was mainly due to oil prices going back up but it seems to have found resistance at $57.50.

- Link to Analysis on WTICOUSD ( Oil ) Linked
Comment:
LInk to Oil Analysis
Comment:
Small Short position entered on resisitance. Price gave a M formation on lower timeframes. 4hr looking likely to close with a pin bar.

Targets defined in market up link.
Comment: Got stopped out on this USDCAD short. Did not stick to my trading plan.

- Still yet to get a pull back.Will update at the week goes.

Comments

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