USDCAD-double top "adan and eve"

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U.S. Dollar/Canadian Dollar (FX:USDCAD)

FX:USDCAD U.S. Dollar/Canadian Dollar

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).

agree

i hope it should go into your predicted way but i think it will take more time to go into any direction because i think it is making a diamond pattern at top which is on its half way and will take more 4 or 5 days to complete and then will decide direction and as you know less news are there in coming week regarding dollar which suggest less volatility in this pair and will remain on pause.

this is just a rough idea

imranafzal4

Hello, the diamond is a possibility also. Anyway, last high should be respected, thats why i placed the SL above last high to be conservative. We should consider the CAD also. Oil is touching a strong support and could start a big move next week (lets hope in our favor). Regards.

more clear picture is here

https://www.tradingview.com/chart/USDCAD/ADUNwheq-DIAMOND/

yes i also hope and thanks for sharing your idea with us and cheers

This one is looking hopeful and in on it. D1 Divergence gives it some more credence; Cheers! Resisting at some strong historic support levels;

Any trader who is trading a commodity based currency should keep this chart in mind:http://www.zerohedge.com/news/2015-12-05/broken-commodities-continue-crush-investors

RobertHerdman

Hello, thanks for the information, trading is combining the best of technicals and fundamentals. Right now im short and the i will follow the price development. Nothing is discarded, Regards.

Agree, i am assuming a bat pattern to be form.after the gartley pattern completed

BLKS

Nice, i found a potential bullish cypher also:

FullTimeTrader

yeah, and so a crab pattern as well at 3.168 of B-C but potential crab might also have chance to form.
i will place my 1st target at 1.30900 at the complete of potential bat pattern.
2nd target will be at 1.29900 for the complete of potential cypher pattern together with the crab pattern.
and last target will be at 1.28000 for the complete of potential crab.
Great work,sir. =) Good luck.

i think this is a wrong idea .I had the same last week

stream

Hi, can you share your idea with us why you think it is wrong? or post a chart so we can understand it better. =)

BLKS

Jahid

yeap, it have a probability to go that way to since in monthly chart it is very bullish.
And in 4 hour chart there is also a potential butterfly could be form.
But what we can do is wait for the actual signal, buy and sell is always available.

this is wrong ..

Sorry I am on small tablet ,so when I go on computer will be able to share reasons .

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 .

Same view as yours!
I had the same idea 16 days ago

USDCAD daily, weekly and monthly description to go short

and also

I pretty much agree with both sides of the coin here. I see it coming down in the channel, then heading back up. Let's see how it plays out. Glad to see you backin action, you seemed to take a little break. Happy Holidays!!!

great chart. there is some structure on weekly chart and the price is on the highest point since 05-07-2014. great short trade opertunnity

Cont'd breakdown in oil concerns me to be long cad at any point, but agree with your logic and looking to take a long usdcad position in around your target points for your short. Any long term view on the USDCAD? 1.55's are beginning to look probable to me.

Lanmar

My target in long term is 1.53500, you may take a look in my chart, i did post the image of monthly chart in the comment.

Is USDCAD reach limit and ready for a short on it?

BLKS

Let's hope so. Will truly be an incredible opportunity anywhere between 1.50 - 1.60 to go short. Can't argue with that type of risk/reward opportunity.

Lanmar

ya. we can always get the latest signal when the time reach =)

sl…?

it just pumped out of the channel, double top theory is nice but i don't think its happening, the force isn't strong on this one

that was a very nice eve and adam pattern but bulls break every thing to leave the channel away now it looks like price will test the 1.34500 but will not get back into the channel
any time soon in the future as everybody knows rate decision is there in coming week

USDcad is making its 4th wave on an ending diagonal 5th wave move up(it is completely in co relation with oil ,,,only time it is not co related when there is interest rate announcement ,,cpi data(doesnt affect too much like interest rate ,,or unemployment report monthly same time as nfp) all other time up to the sec it is in co relation with oil .As of oil its making AbC wave as Larger wave B on the 4th wave correction and just bottomed . it is likely to travel towards 41 dollar(C wave of that b wave in progress as ending diagonal) it is very much in co relation with usdcad ending diagonal it is likely to fall towards 1.314 as abc wave then move up towards 1.37 or higher to complete the 5th wave

look at weekly chart it goes up

Any Short reentry possible for EUR/CAD or USD/CAD ?

RamprasadSanthanam

1.3759 usdcad 1.38 stop

Lanmar

Thank you Lanmer

Any new ideas on the usdcad? $1.40 looks like next resistance level...

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.

BLKS

wheres the double top pls?

marcus123

Sorry it could be form in gbpcad, remember wrong pair.

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

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