Clearly identified the bearish trend and used the adopted shadow support and resistance technique to identify key buy and sell points.
The last week saw lots of bullish momentum pushing the Loonie up to the resistance level.
Hopefully, this week the bears can bring their momentum into the market so bring prices down to the support level.
The Loonie broke the weekly support and we saw a freefall below 1.30.
Really cannot see the USDCAD breaking back above 1.30 now with the DXY crumbling and oil prices climbing.
The only question is where the pullback ends.
I've highlighted a 1hr zone of interest in yellow, where price stagnated creating a potential shelf for price to retest.
I'm Bullish. I know, risky right?
Take a look at the weekly, at the daily, this big grey area is holding like a champ.
Keep an eye on 1.31100 but other than that, we should return to 61.8% given Toronto is back in strict lockdown.
Still looking for weakness to take out blue levels - Then off to 91.50
Last week Thurs/Friday was so slow but I liked that we drifted down and respected the resistance above market. I will be looking for trades on fibre, aussie, cable and gold this week. I will also keep an eye on Loonie and kiwi to see if I can pick something up.
Follow for updates - will...
The Loonie has been in a strong downtrend on the higher timeframes ever since the March crash. However, we're approaching key MAJOR support and this is where the higher timeframes will be key.
We have weekly support but a weekly descending trendline. Which will break first? Only the market will tell us.
What we're looking at here, is the Head and Shoulders on...
Indeed. US dollar has been tanking in comparison to equities, other currencies, commodities and many cryptos. Are we headed for another bullrun on the stock market? It would be almost criminal to think so by now. Charts suggest beginning of Wave 3 on the Loonie, leaving us plenty of room to move up. Fibonacci alludes to some suitable goals. None of this is...
So we always try to have a plan for both sells and buys but the #loonie looks long here.
It's currently sitting just above one of the strongest levels of support I've ever seen:
Key Key psychological 1.30 level
Weekly 61.8% Fib Retracement! (WEEKLY FROM JUNE 2017 SWING LOW!!!)
Previous September lows when the DXY was crumbling couldn't break this level!
4hr ascending channel
Close above the 4hr resistance and 23.6% fib
Close below 200ema, 4hr support and 38.2% fib and break of trendline and change of bias
EURCAD H4 - Down on that support zone, seen an 11 pip bounce, looking to set new highs on a lower timeframe and retest that 600 support again for entries. Just entered London open, so be aware are market traps.
USDCAD has popped out of the corrective bullish wedge, however bulls need extra power to get it above 1.35012. Any form of rejection at this level will send the pair back to re-test previous support
- Let emotions and sentiments work for you
-ALWAYS Use Proper Risk Management In Your...