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...
USDCAD | W1 | BEARISH
This is part two of our analysis,
The original can be found here –
Sell @ 1.33300
A CRAZY 600 PIPS IS ON THE LINE.
Our analysis has been produced from the Trend Based Fibonacci.
The methodology has been reciprocated with price action since April...
Here we have a beautiful trade setup for USDCAD.
Since our last call price has declined by 160 pips, breaking the small trend channel formed during the ABC correction.
We've seen price pull back to retest the bottom line of the channel & it is now trapped beneath the 0.382 fib retracement level.
Strong upside rejections supports the likelihood of bearish...
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...
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. :)
PLEASE LIKE, FOLLOW AND COMMENT
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.
Monthly - bottom zone and Lower Lows
Weekly - Sellers have taking over the trend + Strong BEARISH engulfing candle close
Daily - Look into entering short next week after a pull back and then re enter.
Precise entry on 4HR & 1HR time frames.
Risk no more than 2%
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.
Early gains to new 9 month highs were in line with this week’s bullish outlook. But with USDCAD above 1.3100, and at overbought extremes, profit taking developed. The resulting setback was not a deep one but strong enough to indicate scope for a deeper, though temporary, decline. So, with caution, this morning’s call is a Sell at 1.3085 but leaving room to Sell...
Sell USDCAD to continue overarching bearish trend following a test (and rejection) at 1.30 major psychological resistance.
No Year-on-Year fundamentals for either USD or CAD until 6 days after trade opens. Suggest closing position before USD YoY Consumer Price Index announcement on Tuesday 13th March @ 12:30pm.
NOTE: Analysis on Weekly chart, actually entry on...