We will be waiting to see how price reacts around the 4 hour 50EMA
If there is a rejection from here we will be watching the 1.4860 level to taking a sell position which would complete the right shoulder on the 4 hour time frame.
USDCAD Short Trade
Daily/Weekly bearish TL broken and retested
Price is below the daily Fib 0.786
Counter trend fib -0.27 extension rejected.
Targeting daily fib -0.27 extension (new lower low) at 1.29
Stop loss is placed above the daily 0.786 fib level
We may have a short consolidation period whilst we wait for the SMA's to complete their moves, however downside seems to be present for this pair on a mid to long term basis based off of the death cross beginning to form on the daily time frame between the 50 and 100 SMA's.
Further we have a clear rejection on the fibonacci retracement scale, acting as...
Re entering our Canadian dollar Japanese Yen long trade as the bullish price pattern continues to play out. Last week we traded it up to our take profit 1 before cashing out and now we are looking to re enter at todays pull back level. As per our trading view chart we have an ascending channel which has been tested multiple times and should the...
Enjoying this setup in Canadian dollar versus Japanese yen and the ascending channel which the pair have been in since mid May. We have had higher lows in RSI whilst price has been setting new lows pointing to a bullish divergence signal for the pair to move higher within the ascending channel as per our trading view chart.
The setup allows...
Looking at the weeks support level that has been created we are looking for a further push back up in the London open and NY open.
Very small stop loss in case this level is broken, small target of 60 pips,
1.30500 is a nice intraday support zone for USDCAD and it appears to be holding strong. Bearish momentum appears to ave levelled out now and price is trying to bounce.
A long position up to the bearish trendline could provide good R:R