USCAD has been in a descending wedge and is being squeezed. As we're anticipating CAD weakness, could this be the start of a a bullish run for USDCAD?
We could potentially be seeing a double bottom happening now. I would wait for a break of the wedge before considering longs. Until then, I'll be sitting on the sidelines as it would be wise to wait for...
Still in an uptrend. Want the price to come up higher potentially create a head and shoulders. The reaction off daily highs & the second shoulder would give us our entry confirmation. Looking for lower highs and lower imoulsive lows.
Hey again!
We just took a long on USDCAD, right after the WTI short as per the related idea.
We see good reasons for USDCAD to trend higher today, and perhaps even push to the 1.29715 price level which is listed as our next potential profit target on the 4H chart. (left)
In regards to what we see, its simple,
4H chart:
- Pirce is above the middle of the DC...
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (1.273). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. USDCAD is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
....
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (1.2815). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. USDCAD is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
....
In theory, we've finished wave 5 of the Eliot wave and also formed an ending diagonal which usually transfers into bullish price action.
However, given the Dollars ropiness over the past few weeks, breaks of the resistance or support will determine our bias.
Clear break and retest back above this key area and we've had a bullish 4hr closure now to hopefully confirm the next phase upwards as well as it sitting on a key Fib level.
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (1.303). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. USDCAD is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
....
USDCAD has pushed down to where I am looking to enter a long position. However, the trade has not been enter yet as we do not have the correct conformations.
Price reaching our Fibonacci retracement levels is only half of our analysis. We need to be looking for price to reject from these levels and begin to turn back over, an example of this could be another...
USDCAD has pushed down a little further than expected and suggested in one of my previous posts. It has fallen past the neckline of the "double bottom" and is now sitting at a key level of support. If the pair is to break below this level, then we can expect to see the pair fall further, perhaps to a region near Augusts monthly low.
