We could see a spike above the relative equal highs into the order block before continued downside on this pair.
This would make sense if we looked at this analysis from a money distribution perspective.
I have seen many things in my time but this bearish trend is beyond ridiculous, at some point price will need to spike up to fill some of the missing gaps in the trend.
I would expect a continued bearish lure to start the week before we push up impulsively to my levels marked.
I would assume the majority of the market would have been rushing to sell USDCAD after it showed a bearish start at open, not to mention the so-called head and shoulders pattern break. I think the price has come up to wipe out the impulsive sellers ready for the true move to the downside, lets see how things go. We must bear in mind that today is a UK bank holiday...
USDCHF is still looking bearish in the short-term and broke support at 0.911 level.
The next support level is looking at 0.093
If that fails, the next level is at 0.893
and with at lows at 0.877 but will it go that low?
Remember to plan your trades and Trade Your Plan.
USD/CAD is still in the bearish trend that has been in place since the 1.4668 high from March 19th of last year. That said, price action during the past month has illustrated a clear slowdown in terms of bearish momentum, and economists at Rabobank would argue the pair is now entering a consolidation phase.
If you find this...
We had a huge run on stops yesterday using the market exucse of the Johnson & Johnson issue. This has now set the tone for the rest of the trading week. USDCAD should collapse after retracing slightly to collect orders.
We caught this trade together in the telegram group last week, price will collapse from this point all the way to the target zone, wait for a significant pullback before you get involved in the new trend.
USD CAD is only going down to me, both through technical and fundamental reasons.
Technical you can see that 1.26 is a key level and is a nice round number, you can also see marked out by my yellow boxes where price has touched and respected this level, so when it touched it bounced!
Fundamental, The economy is f@cked and the amount of money the US are printing...
This could be a perfect entry for a long term short to 1.19.
USDCAD broke the long term (2008 to 2020 peak) 0.618 level and closed bearishly below it. Price has now come back to retest the level. After wicking into it, the level was wicked through but closed very bearishly (red arrow). Next major support is 1.227 (200 pips away).