USD/CAD had a fantastic bounce off of the bull channel bottom (1.36600) just below the 1HR 200EMA, leading to a 120 pip run to the top of the channel (1.37800). If you followed my last USD/CAD 1HR Analysis, this was the exact move I was after, which has now ended. Where do we go from here?
Key Points when considering a long:
1. We're at the top of a bull...
USD/CAD broke out of weekly resistance last Thursday with some solid strength, touching 1.37850. The price action fell back down to the Daily 30EMA at 1.35700 and bounced back to the resistance line at 1.37000, but failed to break out this time. USD/CAD fell back down to the Daily 9EMA and gave a slight bounce to the upside before the week closed.
The buy...
Welcome traders to a free analysis breakdown.
Today I am highlighting possible trades on USDCAD, if you any questions on the pair let me know in the comment section below.
Once the pair gives us a valid trade entry I will be sharing the trade with the Alpha community, I hope you all found this chart helpful .
If you did like this free educational chart please...
Usdcad is forming ascending triangle pattern & its about to breakout soon.
(i) To keep things simple I have shown Elliot & corrective waves as completed
(ii) We can alter the wave counts and predict breakout direction
(iii) Enter the breakout direction with proper stops !
Happy Trading !
