USDCAD hit resistance line Friday, 13th and could not break it, also hits 0.7 Fib level unsuccessfully if we consider the last max and mins.
It has been in a downward trend since the beginning of the year. In the beginning of May it hit 0.2 Fib (long term Fib), but unsuccesfully, there is also strong structure at that level, so next move is down since it...
Hei guy´s it´s been a slow week, with all these directional market´s at the moment for us. - But here on the USDCAD it looks like the minor bullish move is loosing strenght, and a bearish rotation is starting to take over on a lower timeframe perspective. On higher timeframe we are mearly at an outside return of the bearish trend we have been in for a while. So at...
The Cad is getting much stronger... The dollar had its time but the CAD should be taking over this week. There appears to be some resistance on the upside but a possible double bottom on the downside. Wait for the double bottom to break and then short. Also watch for the EMA's if they cross this is more signal to short, combined with the MACD Divergence there...
The price went to 1.3000 level and then rejected at MA 50 (redline) closing with pin bar .Plus, the RSI is almost reach the 'overbought' condition I believe this can be a selling opportunity as long as confirmation bar forms.
The USDCAD had been trending down for some time now and the resent economic data in favor of CAD today has put the pair further to the down side.
07:30 CAD Core CPI (MoM) (Mar) 0.7% 0.3% 0.5%
07:30 CAD Core CPI (YoY) (Mar) 2.1% 1.7% 1.9%
07:30 CAD Core Retail Sales (MoM) (Feb) 0.2% -0.5% 1.3%
07:30 CAD CPI (MoM)...
2 previous advance patterns completed. I am still in the trade on the blue short cypher pattern.
I believe the market will rally to the blue box area and terminate around 0.3039s. There is a Fib retracement of 0.382 in that area. Then market will reverse and continue short terminating at 1.2850s completing a 3 drives pattern. 3 drives completes at a major support...
USD/CAD Technical Strategy: Selling the Rip Remains Favored Play on USD Weakness
Trader Sentiment Favors Further CAD Strength
LT 38.2% Fibonacci Retracement Line at 1.2750 In Focus
-USDCAD is oversold on most RSI 1,2,3,4hs
-Approaching 0.764 fib level
-Short term resistance
Looks like a decent place to go short!
Safe and Successful trading
