Note: Idea is to complement your research. Some S/R levels not included: $1.44092 $1.4108 $1.40433 $1.38718 $1.36822 Check comments section for future updates on idea. Like this idea? Like, Share, Follow, (...) Thank you and Happy Trading.
USDCAD reversed off its resistance at 1.31965 where it could potentially drop further to 1.31010. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
See chart for illustration. This is a follow up ( see link below for reference purposes)
Chart is an expectation of market setup via gartley pattern. If market hits target C then; * SELL at 1.32839 * TP1 at 1.33311 * TP2 at 1.32911 * SL at 1.33800 Note - TP2 at target D in pattern. If market hits target D after selling at C then; * BUY on D at 1.32911 * TP1 at 1.33311 * TP2 at 1.33558 * SL at 10-20 pips below X (1.32839) Note - TP1...
USD/CAD has crossed into bearish territory on ther Heffae Clouds Monthly timeframe. This particular timeframe shows excellent path-fitting, as evidenced by the arrows on the cloud signals. The 8H should provide local support: (non inverse) a break-down from the 8H support will prove continued downward momentum.
tp1: 1.3062 tp2: 1.3109 sl: 1.2965
USDCAD has formed strong bullish candle on monthly chart as well as taken good support from 38.2% fibbo level.It is tron till in trade above 1.30000. My view will be bullish for the taget of 1.32000 and 1.32500 levels. Buy 50% now and buy 50% if price get corrected. Always book 75% profit near first target.
USDCAD Has strong support of 1.31200 Weekly Close below this level may drag USDCAD to lower side, But fundamentals are showing strength for USD. I am still bullish on USDCAD as medium term trend is till bullish.
USDCAD has broken upside resistance. However we feel the Red Zone & RED Line will be strong Resistance area for further upside. We expect USDCAD to test the Blue Lines and retest the recent high and potentially red zone. Scalp between both lines for both side trades.
Possible trend following position.
Our preference: position bought above 1.3220 with targets at 1.3300 & 1.3345 in extension. Alternative scenario: in break of 1.3220, a continuation of the decrease will be envisageable with 1,3185 & 1,360 in line of sight. Comment: The RSI is bullish and militates for a continuation of the rise.
The upside battle continues. Another Shark Pattern completed. Would you like to swim?
With two back to back successful Cypher Pattern opportunities, and four failed attemps to break above major resistance, downside is in play. Shark pattern completion imminent?
Downside is still attractive on this daily chart.
The Canadian dollar and crude oil is the inverse relationship, if crude oil continued to decline, the Canadian dollar will continue to weaken. So under the premise of falling crude oil prices, we can not make a choice to buy Canadian dollars. I prefer a price correction to re sell the Canadian dollar.
Will the retracement for the target transpire in this market? I'm not sure but if you can handle the risk, Why not strive for the reward? Good Luck!