The price moved over 200pips in our direction since my last publication (see link below for reference purposes) even though the Greenback advanced to a fresh daily high of 1.3235 on Friday but lost its traction amidst "quick sells" ahead of the weekend. The USDCAD failing to settle above resistance level @ 1.32400 insinuates that Buyers lack the momentum to rally...
My bias on this publication last week (see link below for reference purposes) was rendered invalid as price broke down 1.33800 level given rise to a stronger CAD, which might result in a further decline as price retest 1.38000 level. The Loonie appears to begin the rally off of a backdrop of upside economic surprises and stronger commodity prices. Buyers couldn't...
The USD/CAD pair struggled to make a decisive move in either direction after the macroeconomic data releases from Canada and the United States on Friday - 31st July 2020. With 90pips in our direction from my last week publication (see link below for reference purposes), a possible rally continuation is looming as we experience a Breakout off of our Trendline and...
As the USD dropped to its lowest level since early June 2020, the price has moved over 150pips in our direction since my last publication on this pair (see link below for reference purposes). Its been a rough week for the Greenback as it breaks my Key level I @ 1.35000 to sit at the bottom of Bearish Trendline @ 1.33500 area as I anticipate a further Breakdown of...
As the Greenback appears to be losing steam across major pairs; A Breakdown of our Key level (1.35500) last week is a significant Bearish signal for us. Tendency: Downtrend ( Bearish ) Structure: Break-down | Support & Resistance Observation: i. . 786 retracement of the most recent Bearish Impulse leg culminates at 1.37000 followed by a Bearish momentum. ii. The...
A while ago, I posted the following chart, saying that USDCAD was 'still far from a long term buy'. The conditions are finally set for the pair to be a fair long-term buy opportunity: Pattern: Channel Up on 1W. Signal: Bullish as the price rebounded on the 1W MA50 while the RSI hit its long-term Buy Zone. Target: 1.4200 (first Resistance) and 1.46800 in...
Pattern: Channel Up/ Bullish Megaphone on 1W. Signal: Bullish once the price hits the 1W MA200 or the 1W RSI enters the Long-term Buy Zone. Target: 1.46800 (bottom of the Higher High Zone).
USD/CAD BUY Entry 1 1.32444 Entry 2 1.32380 Sl 1.32280 Tp.1 1.32644 Tp.2 1.32844 Tp.3 1.33044
Pattern: Triangle on 1M. Signal: Bullish if the price rebounds above the Higher Low zone (red rectangle). Target: 1.32500 (Lower High suggested by the dashed Falling Wedge).
USDCAD has been consistent on this pattern. After each peak the price breaks below the 1D MA50 and makes a bottom. When it breaks above the MA50 again, the trend line supports the next uptrend all the way to the next peak. Then the cycle is repeated. Currently it is approaching the MA50 and if that holds I am expecting a sustainable ~ 2 month uptrend. The target...
Pattern: Channel Down on 1D. Signal: Bearish with short entry at 1.3300. Target: 1.3060 (Lower Low).