FullTimeTrader

USDCAD-double top "adan and eve"

Short
FX:USDCAD   U.S. Dollar / Canadian Dollar
2935 views
55
Last rally is showing clear signs of weakness. Price found strong resistance near the top and formed multiple dojis.

From the technical perspective we can see a double top formation called "adan and eve".

Indicators also support this view:

- bearish divergence on macd
- RSI trendline broken
- bearish divergence on stoch

Next week we have no strong USD news till friday (retail sales), so i expect a technical decline the first days of the week.

If the news are negative price could reach last lows.

Best regards.

*****************DISCLAMER********************************************************************
This is just and idea, not a recommendation to buy or sell.
Always do your own analysis and plan before opening a trade.
Any respectful and constructive ideas are welcome (agree or disagree).



Comments

hello everyone ! I will share now what i see on the chart USD/CAD from the moment when this pair was born . Have to say first , it looks bearish
because it actually is . There is a big difference between going up in real up treand , and going up for rejection by pushing .

USD/CAD is going up by pushing , that means no support . Resistance is ready with the short positions. For sure our place is there ,as well , waiting for the short .

Anyway let see what happened in the past . USD/CAD appear on market , support 1.25 , made a break through 1.40 , and fell from its support immidiately . Since that moment destiny is written . Next movement up is rejective level 1.618 reject , everyone know that level , and the price is actually falling down . Every movement up is corrective .
Every pair suppose to have a proper support , some pairs will pay for their big tops made by pushing , like gbp/usd .. eur/usd as well is not with a good support .

Just one more thing about USD /CAD , be reasonable and leave this one to push up and get ready for long term short . https://dwq4do82y8xi7.cloudfront.net/x/iqNB9FDU/
+1 Reply
usdcad completed the 3rd wave now it will decline towards 1.315--1.32 area to complete wave 4(it is making 5th wave ending diagonal then will rise minimum 730 pip from the low it makes i think likely move 1.315 then 1.39
Reply
Any new ideas on the usdcad? $1.40 looks like next resistance level...
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BLKS marcus123
I think we will have to wait for bar confirmation to enter, since is have for is to know how high it will go, and if you look carefully a double top could form.
Reply
wheres the double top pls?
Reply
BLKS marcus123
Sorry it could be form in gbpcad, remember wrong pair.
Reply
Any Short reentry possible for EUR/CAD or USD/CAD ?
Reply
Lanmar RamprasadSanthanam
1.3759 usdcad 1.38 stop
Reply
Thank you Lanmer
Reply
look at weekly chart it goes up
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