Price is currently @ weekly support 1.29000 and may possibly be forming a double bottom on both the 4H and D1 timeframe. I am expecting either a a 38.20%, 50%, 61.8%, or a 78.6% retracement to coincide with an advanced pattern. Price is @ a good level to buy as in a clear trend channel. Before entering look for further confirmation from candle readings on lower TF.
We have been looking at the resistance zone ( red box ) for a couple of weeks now ( if you see our previous USD CAD trade idea ) and we have been waiting for price to retest this level... price has finally done this today so now we are looking for movement down to our support zone ( green box )
Again we are keeping it nice and simple and not trying to fry your...
Previous idea for a bounce off the trend did not work. Trend has now broken on the weekly. could be a bit quiet this week (or even move up a bit, as it's very oversold on lower time frames) , but we should start seeing more movement south when/if it refuses to get back in to the trend.
You can clearly see how price has reacted previously when entering this zone... bounced! we can see price is in this area again and that price has also failed to break a daily resistance the previous 2 days, so we are looking for downside movement from this area.
This is a strong level so we will keep a very tight SL to avoid loosing much at all if price does...
We have weekly resistance, strong daily trend line and price has been ranging in a zone for the past 7 weeks.
We feel price will break out the zone to the downside and break through the trend line making explosive bearish movement.
This is not a signal and we are not in this trade at the moment, but we will notify our VIP clients once this trade does become valid.
As we forecast downtrend for this day, so Forecast City suggests sell (limit) below R1=1.348.
But the short term forecast is range bound, so we expect to reach the following targets:
Set the stoploss of these orders at breakout of R2=1.349.
Stop and reverse:
If trend gets reversed, buy (stop) orders will be opened at breakout of...
As you can see USDCAD has gone to the 1.35000 level numerous of times now and has failed to go much higher! I have entered a SELL with SL at 1.35500... trade smart and have fun. Have a profitable week!