FullTimeTrader
Short

USDCAD-double top "adan and eve"

FX:USDCAD   U.S. Dollar/Canadian Dollar
2911 39 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).



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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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.
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wheres the double top pls?
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BLKS marcus123
Sorry it could be form in gbpcad, remember wrong pair.
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Any Short reentry possible for EUR/CAD or USD/CAD ?
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Lanmar PRO RamprasadSanthanam
1.3759 usdcad 1.38 stop
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Thank you Lanmer
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look at weekly chart it goes up
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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
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