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2 sets of rising valleys and a strong uptrend - along with a symmetrical triangle which can go either way but i suspect it will go on the upside so i made this chart with that outcome. it can also go to the downside to the lower trendline which may be the 3rd rising valley for another long position on a stronger support.
Based on a Fib from 2016 to the low of 2017. The price bounces off the 32fib and continues down. On the daily chart there is now a small wedge forming and it is not making higher highs. Bollinger bands are tightening up and price closed below the MA. Target price 1.25470.
Looking for this to retrace back 50% fib to around 151.238 before we drop down to 147 again. Have a great trading week guys and RISK MANAGE AT ALL TIMES... Non Farm Payrolls are also this week so expect high volatility as usual.
& Shoutout to Benji @pipseyhussle for showing me how to use Fib retracements ahaa
USD made the fur fly. We were waiting for a quiet weekend, and nothing foreboded the storm on Friday, but then suddenly the ball rolled. The Senate approved the tax bill, and Trump’s ex-advisor Flynn confession took the stage. Among these two messages, the latter one did not influence the dollar, but the former one was a great help. The passing of US tax bill gave ...
daily intra-risk entry 1 x 2
UsdCad - Daily time frame - Longs in play due to the simply bullish structure on daily time frame and usd strength and oil weakness.
Loonie, one of the markets’ favorites, is probably going to change the course.
Yesterday, Bank of Canada governor Poloz told that an appropriate path for rates is very difficult to know because of a number of unknowns around inflation outlook. He also assured the Bank would not be mechanical in policy approach since economy may act differently than in previous ...
USDCAD long opportunities
The pair seems to have formed a downtrend channel and I am trading the Fibonacci cycle to the 1.618 Fibonacci Extension Level.
Reward Risk Ratio 6:1
Long term downward trend. I have now waited for the 3rd retracement toward the trend line am entering into a short trade with a target of 1.29984
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 ...
My bias is continued Dollar strength and my higher time frame analysis has USD/CAD bullish.
The pair are reacting around the 1 hour support (green line).
i would go long here expecting a pattern similar to the one drawn in purple