1.32450 Has been used as strong support ( orange arrows ) and resistance ( purple arrows ) now we can see price is currently sitting bang on this level, do we think it will bounce or break? BREAK!!!
Because although this is strong support the last candle formed was a big bearish candle, and if we look on the monthly chart with the same level placed on it 1.32450...
Entered this trade on a pin bar / stop hunt that present itself yesterday morning. Entered on this pin bar and waited for news to hit. It was positive as suspected, my take profit was back down at previous structure and did actually push through this.
This pair is bearish for me looking at the weekly chart, strong bearish candle inside an ascending channel. Therefore bearish short term. A break of the lows inside the yellow box could run it down to 1.25500 support, but a pullback is needed first! Just be wary of double bottoms and tops being formed which are also apparent on the daily timeframe too.
Fundamentals:- The jobs data for the US was worse than expected and the unemployment rate notched up a little. However the Average hourly earning did manage a slight uptick. Canadian data showed progress in employment but Oil is down on the week.
Technicals:- We have a nice head and shoulders pattern formed on the 4 hour chart and Oil although is lower on the...
The US Dollar has been motoring over the Loonie for a while now and it has reached a demand point which has shown to be a turning point. We could see this pair going down to possibly 1.25000 psychological level.
Trading Opportunity :- Sell USD/CAD
Risk Reward Ratio :- 2.25:1
The Canadian dollar is a commodity linked currency with the commodity being Oil you can see from the recent news why I am interested in this currency pair. With the price of Oil being supported by tensions in Iran it is only natural to see the Canadian dollar strengthen which...
this chart is the hourly chart on USDCAD but my analysis starts as usual on the daily tf where we had a nice engulfing candle at previous resistance with RSI overbought condition. This give me a nice background to look for selling signals. As we go down on lower timeframes you can see the engulfing candle represents a sharp impulse to the downside that...
on USDCAD price has reached a key resistance area, therefore i were looking for a potential selling opportunity at this level. In the 4hr chart you can see we have huge divergence, along with a psychological number that could also provide some resistance.
But most importantly, price has formed a reversal pattern being the sequence of those 3 candles at...
this is an advanced pattern formation called Bat, its completion point comes around 1,3430s. Stops above X, targets at the 382 and 618 retracement of AD leg.
If you have questions or if you want to share your view, feel free to comment below.
Otherwise, see you in the next chart!
today i want to share with you a simple setup we have on USDCAD. The overall trend is bearish, and price is now testing the 382 retracement of the bigger impulsive leg. After the first failed attempt it has came up at the same level creating a nice double top. If the current candle will close red, then i will be shorting this pair, with first target at...
lately you've been seeing me posting lots of flags but that's due to the big impulses we've had after the Fed release on Wednesday. So when we have such kind of markets (heavily trending) i like to seek for simple patterns in order to catch the trend.
As you can see above, on USDCAD looking left we have no structure stopping from price going lower, and...
i'm already involved in a CAD trade so i'm not taking this one. Nonetheless i want to share it with you so that anybody could take advantage of this opportunity and maybe get something out of it.
Here you can see price is giving us different hints of its reversal. First, it's right in the previous resistance zone (where sellers are ready to join the...