Hello traders, this is a complete multiple timeframe analysis of this pair. We see could find significant trading opportunities as per analysis upon price action confirmation we may take this trade. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
After the correction on Friday, USD/CAD was trading in the local consolidation a little bit above the support level 1.2764 - 1.2777, where large volume is concentrated. Given the local uptrend and the presence of the strong support, we should consider long positions. We can enter the market after a resumption of the growth of increased/large volume. A stop loss...
The pair continued growing, which totally matches with our previous scenario. Now we should consider only long positions for USD/CAD. We can enter the market only in case of a smooth downward correction on small volume, because we need to obtain an acceptable entry point. A stop loss should be place below the support 1.2764 - 1.2777. A potential of the deal is...
The local uptrend for USD/CAD continues as the price grew up sharply yesterday. The move was supported by increased volume which only strengthens it is importance. Given all these facts we should consider exceptionally long positions. We can enter the market after a smooth downward correction of the price in order to get a better entry point. A stop loss should be...
Our preference: position below 1.2485 with targets at 1.2410 & 1.2380 in extension.
Alternative Scenario: In excess of 1.2485, aim for a continuation of the rise with 1.2530 & 1.2555 in line of sight.
Comment: The RSI is mixed with a limited bearish bias.
Our preference: position below 1.5005 with targets at 1.4925 & 1.4900 in extension.
Alternative Scenario: In excess of 1,5005, aim for a continuation of the rise with 1,5030 & 1,5075 in line of sight.
Comment: The RSI is bearish and militates for a continuation of the decline.
Our preference: sales position below 1,2925 with targets at 1,2865 & 1,2830 in extension.
Alternative scenario: in excess of 1,2925, aim for a continuation of the rise with 1,2950 & 1,2970 in line of sight.
Comment: as long as 1.22925 is not exceeded the risk of a depression of 1.2865 is important.
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.
