very peculiar trading setup on USDCAD.
on 4H the market has recently touched a falling resistance of a descending triangle
and we see a row of multiple rejections.
on 1H we see a double top formation and for confirmation, we only need to wait for
a bearish violation of minor support beneath it to short the pair.
This pair showing weakness whilst the dollar is running is a clear sign it is faltering at the moment.
When we zoom out and look at the daily chart we can see the clear resemblances of the two corridors. 4 touches on the upper trend line and the correlation of higher lows and lower highs.
This accumulation period looks almost identical to the period in late...
Reasons to look at potentially going short;
- Third touch of descending trendline
- 61.8 fib retracement
- Back testing Short term support now possible resistance
- Heading towards dynamic resistance (200MA)
Things to consider before;
- A lot of buying pressure over the last few days (2 of 3 Strong Bullish Candle closures)
- DXY looking bullish, Could see some...
Thought it was only right since I published AUD analysis this morning I publish CAD as well enjoy :)
A bearish 5-0 pattern formed on the daily chart. This pattern is also supported by demand zones on both the Daily and Weekly timeframe (only daily demand/supply present on the chart as overlapped).
Extended target PT = 1.21527
Happy trading :)
USDCAD has been in a downtrend for some time now. I have marked out a few key areas here and today saw NFP break the monthly resistance. If we remain below this and the yellow highlighted area we could potentially see further downside from this. However we may see price recover and potentially be in for another bounce from the trend line. I have also marked out a...
The CAD is approaching its make or break day, an 80% chance of a rate hike has been priced in by the market, if that does not happen this trade is likely to get stopped out.
If it does happen expect them to extend lower possibly in an impulsive and sharp manner. As always the blue box is the area a turn lower for resumption of the major trend may occur and I...
This pair did not present any intra-day longs so its back to the long term short bias. A lower time frame head and shoulders formed giving short opportunities. Prices are now back below key support and approaching an area of interest. If you are not in on this, shorts can be entered on a retest of 1.3280, a break/retest of the area of interest or a break/retest of...
This chart is really interesting. USD/CAD faked out of this weekly trendline, with CAD weakening as BOC stated they are leaving the door open to near term rate cuts. This could see continued CAD weakness in the coming week and lead to prices testing the key 1.3580 level to the upside. Our overall bias is still short so we see a triple top forming at the .50...
i was watching this pair last week and will bu looking to possibly go long to 1.3700.
i feel cad may be stalling and looking to go lower however i feel we may touch 1.3700 first or at least maybe climb above the previous higher high by even a few pips.
we found support around 1.3190 so i will be monitoring price action and awaiting a breakout before entry.
i am currently short on usdcad after breaching, retesting and closing below the retest with a bearish engulfing. price has since retreated to retest a key level so we will see how this goes. expected strong Canadian data out later today also was part of my thinking for this trade so we will see how this goes.
EURCAD tested resistance above twice and finally came down with a weak candle. Look for downside breakout around yesterday's low, the target is around 1.4520. Be careful about the 100% fib extension at 1.4580.