Weekly has now formed a bullish engulfing
pattern at 61.8 level as well as bouncing of
the Weekly Support level of 1.31200
and officially closing above the Weekly
Resistance level of 1.32600
I am now expecting an upwards trend continuation
to the Monthly Resistance level of 1.36500
Swing traders that use the daily and 4 Hour time frames
USDCAD | W1 | BULLISH
This is a potential 175+ pip setup.
Our analysis has been produced from the Trend Based Fibonacci.
The methodology has been reciprocated with price action since April 2016.
The price has now reached our 78.6% retracement .
The weekly candlestick has closed above this level which exhibits a rejection.
This analysis also...
This pair showing weakness whilst the dollar is running is a clear sign it is faltering at the moment.
When we zoom out and look at the daily chart we can see the clear resemblances of the two corridors. 4 touches on the upper trend line and the correlation of higher lows and lower highs.
This accumulation period looks almost identical to the period in late...
In this setup, got a ascending channel for usdcad which has held strong. No signs of the wedge breaking yet as the usd is quite strong atm so will be looking for a small pullback to 1.3250 and then a new HH. If this fails to play out, will be looking for the downside scenario where i will be looking for a break of the channel and a retest of 1.3250 and then for it...
USDCAD this is a nice place to enter for a short.
stop loss should just be above my blue line.
FOR THOSE THAT have been keeping tabs with
my analysis, you should have made lots of profit on this pair. :)
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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.
A sequence of 4 up days ended yesterday. New 3 week highs were posted in Asia but the latter part of the day saw USDCAD consolidate in a narrow range at overbought extremes. The net result was only minor movement and this price action does not create strong signals for sentiment going into Wednesday. However, the undertone continues to be assessed as positive and...
i've written down the main reasons why i'm going long in this market. As you can see, we're sitting at a previous level of structure, and we've created an AB=CD pattern with Fib confluence right at that level, that comes at a round number (that could strengthen the support being). We're also in oversold conditions. All those reasons together make me...
It was not long ago we were looking for potential shorting opportunities on the USDCAD when price was moving towards the round number support of 1.2000 in February of this year. Price back then very much had a bearish bias to it with price trading below the following levels:
Monthly - Close to breaking below the low of 2017 and the round number 1.2000.
In line with yesterday's, and this week's, bullish bias demand for USDCAD continues. A 3rd up day in a row took the currency pair to the most bullish levels traded for 10 weeks. Signals for sentiment remain at overbought extremes but with the market hugging the upper band of a rising Keltner channel, we look for profit taking to remain temporary. So, this...
This week's first upside objective was met yesterday as the market used the 100 day mvg avg as a platform to reverse Friday’s setback. Net gains were not extensive and the 200 day average continues to be intact, on a closing basis. But although that introduces a strong note of caution, our technical studies are assessed as positive. So, this morning’s call is to...
Conflicting signals at the end of last week meant that this week’s outlook was neutral. That situation was resolved with, after an Asian dip, a renewal of investor demand. This took USDCAD more than 1 ¼ big figures higher – to new 4 week highs. The scope of the move means intraday signals for sentiment are overbought, especially after further upside in Asia, but...