USDCAD - Are we short yet? 1 Hour TF Entry

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

My overall view for USDCAD             remains unchanged, even though we've continued to rise. If you're still looking for an entry short on USDCAD             as I am, let's first take a look at the latest wave up. We have a very well defined trend line that is visible on the 4 hour and 1 hour charts. I've shown the 1 hour chart here.

This trend line represents the current 'strength' of this move. Notice that one of the spikes that hit this trend line was the FOMC news release this week, interesting. I will look for a selling opportunity when the strength of this move begins to falter, that is when a confirmed break occurs. Look for a retest as the dotted lines suggest.

Due to the other time frames surrounding this trade, it's possible that this entry has the potential to build into a daily trade of greater significance.

For now, we play the Forex waiting game and let the market determine when we can enter this trade.

Please do your own analysis before entering a trade. If you like what you see feel free to comment, like or follow.

Great call!
+1 Reply
Synapse Tony1200
Thanks Tony1200! Appreciate the feedback! Now go have yourself a Merry Christmas or Happy and Festive Weekend! :)
Synapse Synapse
However....If you're just so enamored with the markets that you're looking at them even on Christmas, as far as USDCAD is concerned, we now have bearish strength from our highs, but in order to really solidify that sentiment we're going to need to see price continue to push lower. I'm certain it will happen, but it may not happen as a pure continuation of this move. The market turned at 1.3820 area which could potentially be worrisome for people hoping for the BIG drop now.
Tony1200 Synapse
Yes I agree!!! I've been following this pair for a long time now.... I live in a border town (US and Canada!).. So I have American money looking to trade to canadian.... But I think it can move higher after its pullback possibly to 145 ish.......
+1 Reply
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