This has retraced nicely to the point I marked out in my previous analysis for the pair. This is a good shorting entry to the target of 1.22500 with SL just above the resistance level. MACD is still below 0 so that signifies this is still bearish and EMA's are very close to crossing but I expect this to drop from here.
This has broken below a support, it now offers a chance to short this further but we need to see a retrace first for an opportunity to enter the trade. A retrace to at least 0.382 Fibonacci is required, then if and when it rebounds the short can be entered with a target of 1.22500 with SL just above the support level.
As you can see from the chart when price falls below this level of support it shoots up and hits the highlighted level of resistance so we will look for buys in the support area.
There is alot of divergence on the 4H so i believe this will be the last push to the upside.
Once the higher level of resistance is broken, we wait for a retest and buy again!
USDCAD has hit the brick wall that is WR1 resistance at 1.4164. With USD weakening in the late afternoon US session this SHORT trade could play out. On the higher time frames the price is what I call "hanging" D1 being a good example of this. Price has bounced at 1.3848 but the downward pattern looks incomplete and the BEARS could possibly drive the price lower...
Possible long for USDCAD. Price has been moving above the 200 EMA and the 50 EMA for the last few months and has stayed with an ascending trend line channel, indicating a long bias overall. Price has also recently been in a parallel trend line channel for the past few weeks and I am predicting that It will continue to go on and create another swing high/higher...