On usdcad weekly, I see price break out of an ascending channel very cleanly while forming a daily support trendline which was supported by a falling wedge in the 4hr chart.
Price broke out of the falling wedge which is now shown the 15 min chart.
As you can see from my chart I'm anticipating #USDUSD to decline 32 pips to 1.3004 with a risk to reward of 2:1 .
Reason being is because we are still bearshish with a lot of seller in the market, intraday S&R has been broken & many more key factors.
Lets see how this trade plays out!
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
USDCAD - Intraday - We look to Sell at 1.3144 (stop at 1.3179)
3 positive daily performances in succession. The move higher is mixed and volatile, common in corrective sequences. The 161.8% Fibonacci extension is located at 1.3035 from 1.3565 to 1.3238. The previous swing high is located at 1.3145. Bespoke...
After a big number on US Non farm payroll data surprised the market on Friday and threw the market into doubt over whether the US central bank, the fed, will cut rates at the next meeting giving the US dollar a bounce in strength into the weekend against market expectations. We are looking at a long setup in USD versus Canadian dollar with the...
USDCAD - Intraday - We look to Sell at 1.3146 (stop at 1.3186)
The medium term bias remains bearish. A Fibonacci confluence area is located at 1.2710. Price action has formed an expanding wedge formation. The 161.8% Fibonacci extension is located at 1.3036 from 1.3565 to 1.3238. Expect trading to remain mixed...
Trading within a Bearish Channel formation.
Bespoke resistance is located at 1.3120.
There is scope for mild buying at the open but gains should be limited.
Preferred trade is to sell into rallies.
Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 13120, resulting in improved risk/reward.
We look to Sell...
Oil prices bumping up, recent geopolitical crisis
Look at CXY (Canadian dollar index) prices seem to be off major demand zone
Looking to revisit broken upward sloping trend line
Short from 1.34 potentially
Wait for price action to confirm
We have various indicators of a reversal:
• Divergence in play
• Potential reversal channel in line with the divergence
• 200 EMA acting as our resistance in target area
• Price level 1.30750-1.3000 has been a key Support/Resistance level since 2016
• Oil prices looking bearish which influences the value of CAD
• NFP positive speculation for the USD...
weekly chart is showing usdcad in a bullish flag pattern.
daily chart shows that usdcad entered an ascending channel which broke out and retested the trendline.
however enter at your own risk as NFP is due on a Friday so anything can happen.