USDCAD |New perspective

The USD/CAD appears to be doing a recovery from the weekly low as the price bounces off the key level identified on the daily timeframe around the C$1.32000 area. So, I have identified two key levels which we shall be using as a yardstick for trading activities in the new week, and these levels are situated at C$1.32000 and C$1.3500. The coming week is laced with major market-moving economic releases, both from the US and Canada; the fundamental backdrop from these events will be anticipated by participants in this market as the price remains within a critical juncture above the C$1.32000 level and hence warrants some detailed understanding of the current structure before positioning ourselves for any trading opportunity.

Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, and risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.

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The week has started on a bullish note, a move that led to the breakout of the trendline. Though we have been witnessing selling pressure around the 1.4700 level in the last 8 hours, I am of the opinion that the price might retrace into the buy zone before the potential bullish move. Remember that the key level @ 1.35000 is serving as the neckline (of the reversal pattern identified in the video) if the price does not break the previous low on the daily time frame, so if a breakout/retest of the key level happens, a buying opportunity will be taken advantage of.

Good morning

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This set up was explained at length during our live session today (video uploaded on youtub channel).

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Secure the buy position(s)

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Secure the position as price hits the key level identified on the daily timeframe at the 1.35000 level

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Price takes out the buy position with some profit. We are going to be looking for buy pressure on the lower time frame to join another potential bullish momentum. Update coming up soon

Good morning.

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This was duly explained during the live session today (video uploaded on youtub); secure the buy position.

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Secure position as the second position was triggered above the key level at the 1.35000 level

Trade closed: target reached:

Two positions hit the TP target with over 300pips profit; Looking forward to opportunities for a possible trend continuation. Update coming up soon

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We continue to monitor price action. Looking forward to another signal for the next move.

Good morning

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This was duly explained during our live session today (video will be uploaded shortly on youtub); We still await a completion of the retracement to join the potential trend continuation

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Secure the triggered buy position as we witness another breakout of the key level identified on the daily time frame around the 1.35000 level

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Secure position, Fed's Chair Powell's speech coming up in 10 minutes

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We maintain existing bias as we wait for the 1hour candle to close

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Price takes out the running position with small profit as the US Dollar plunges following the FOMC hence missing this move, we remain patient at this juncture to look out for opportunities to join the trend. Update coming up soon!

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So, since the breakdown of the key level at 1.35000 yesterday, I am waiting for either of the options illustrated on the charts. Update coming soon

Good morning

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We talked about the current setup during our live session today and a structure around the 1.34350 was identified for a reversal option (see video on youtub):

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Price remains around the 1.34350 area. Current expectations are illustrated on the chart as price action is been monitored. Update coming up soon

Good morning

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Selling pressure resumes below 1.34350 following the breakdown of the temporary trendline.

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NFP and CAD unemployment rate is coming up in an hour. If you missed our live session today watch the video on my youtub channel to see what our expectations are against this event (the video will be uploaded soon).

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QUICK UPDATE

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Price takes out the sell position as buy pressure resumes. The possible outcome from this structure was well simulated during our live session today (video on youtub).