Synapse

USDCAD - Bulls or Bears? Good Reasons for both

FX:USDCAD   U.S. Dollar/Canadian Dollar
104 0 7
Greetings Fellow Traders,

As previously posted USDCAD             had a good short opportunity when the bullish strength on the move from 1.34 showed definite signs of weakness...however that sell off was rather short lived which is starting to paint a different picture for what's to come.

If you're a strong supporter of USDCAD             bulls, you should look for a confirmed trend line break near 1.3950...however be careful of the 1.40000 level, I would like to see both of these break to really add additional strength. The current structure here can be taken as a bullish flag potential.

If you're more of the Bearish persuasion, unless you're already short from the 1.3940 level there is not a really good reason to enter right now...however, a rejection off of 1.40000 would make for a very strong double top . The next easily identified bearish trade is actually a long way off, down at 1.34 area, indicated on the chart.

I will remain neutral for this analysis - but my long term bias is definitely with the bears at this point in time. Short term bulls definitely have the advantage with a potential bullish flag , but the confirmation break is still needed.

If you're not in any trade on USDCAD             right now, I would remain on the side lines and wait for additional price action to create better entries. Waiting is the hardest part of trading.

Feel free to comment/like/follow.
Comment: Hope you all were able to make some good pips off of this structure - stayed true to the bulls we never saw the confirmation for the bears, just the anticipated bounce off of 1.40
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out