USDCAD is still finding nice price resistance at this 1.30680 zone.
Multiple rejection candles are forming, the daily trend is still bearish and I think we could see a new bearish leg. I have an initial profit target of 1.29520 in mind.
If this level breaks then new lower lows at 1.29 are possible.
USDCAD has recently been very impulsive and we saw a very good rally from 1.33 level.
Now the market is trading around 1.30 level and I believe that for many market participants it is a very important structure zone.
if we execute a top-down analysis we can easily notice that higher timeframe leaves us clues...
1hr counter trendline broken and retested. 1hr lower highs and rejection of 50EMA
Daily/4hr trend is bearish. price is rejection 1.30500 previous support now resistance.
TP1 = 1.29520 support
TP2 = 1.29200 new lower lows
potential 60 pip short opportunity here on cad/jpy before looking to take more long positions on this pair but with the fundamentals at the minute the Yen being as strong as it is I believe we will see this pair fall to the 82.7 area. the low of the start of this channel it has broken out of.
risk accordingly good luck
TP 83.323 ( pips 35 / RR 2.24 )
SL 83.831 ( pips 15.6 )
The trade alert was taken on a 30mins chart. Small SL to manage possible bullish breakout.
Bearish continuation pattern (black) failed. Price at DC resistance now.
161% TP lines up with DC support. ~ If you want to enter this trade, you can wait 9mins for the new 30mins candle... incase it...
Here is my planned 4th and final short entry on USDCAD for the year.
I am looking to short again now on this pullback and lower high before price should head back down to my final TP.
Entry price = 1.31800
4hr Fib 0.786 retracement level
Consecutive lower high and lower lows made on 4hr timeframe.
Check out my blog site for a full breakdown of all...
Price has respected the downward resistance level since early December and has also the horizontal support which has had 1 break out but broke back in within 1 candle. I predict price will break support and fall where the 2 resistance lines cross.
usd/cad potential short opportunity. broken out of previous channel and created ascending trend line, we now have broken the ascending trend line and i will be looking to catch the sell off on this pair. risk accordingly
. There is still a possibility of temporary retracement to suggested resistance line (1.4615). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. EURCAD is in a range bound and the beginning of downtrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic...
USDCAD is consolidating on minor structure support .
I believe that there is a high chance to see a bearish violation of it
with further bearish continuation to lower levels of structure.
I am waiting for a breakout of this support to sell the market.