USDCAD
On the weekly moving in a down trend
On the daily we formed an inverted head and shoulder and in the middle of forming the right shoulder pushing down. The move started after a rejection from a weekly zone.
Price on the 1H chart is near a daily zone about 14 pips away from entering that zone. I would look for the pair to continue to push down only because of the holiday and then see a push up afterwards within the days that follow.
If it continues down smoothly in the current direction, at most I see it pushing down to around 1.31947 and this would be a 51.1 pip move from current price.
(SELL)
If it continues down smoothly in the current direction, at most I see it pushing down to around 1.31947 and this would be a 51.1 pip move from current price.
TP1: 1.32175
TP2: 1.31947
(SELL)
If this plays out in the 1.31947 and get a break of the daily zone I’d wait for a break and retest to sell down to the head.
TP1: 1.31547
TP2: 1.31250
TP3:1.30969
(BUY)
If we see the rejection from the daily zone this would trigger the buy scenario. This would also complete the Daily inverted head and shoulder pattern and push from daily zone to zone. The overall move is 154 pips but we will need to see a break above the trend line to confirm this move. The recent down trend rejected the combination of the trend line and a the daily zone.
TP1:1.32189
TP2:1.32431
TP3:1.32726
TP4:1.33129
TP5:1.33505
On the weekly moving in a down trend
On the daily we formed an inverted head and shoulder and in the middle of forming the right shoulder pushing down. The move started after a rejection from a weekly zone.
Price on the 1H chart is near a daily zone about 14 pips away from entering that zone. I would look for the pair to continue to push down only because of the holiday and then see a push up afterwards within the days that follow.
If it continues down smoothly in the current direction, at most I see it pushing down to around 1.31947 and this would be a 51.1 pip move from current price.
(SELL)
If it continues down smoothly in the current direction, at most I see it pushing down to around 1.31947 and this would be a 51.1 pip move from current price.
TP1: 1.32175
TP2: 1.31947
(SELL)
If this plays out in the 1.31947 and get a break of the daily zone I’d wait for a break and retest to sell down to the head.
TP1: 1.31547
TP2: 1.31250
TP3:1.30969
(BUY)
If we see the rejection from the daily zone this would trigger the buy scenario. This would also complete the Daily inverted head and shoulder pattern and push from daily zone to zone. The overall move is 154 pips but we will need to see a break above the trend line to confirm this move. The recent down trend rejected the combination of the trend line and a the daily zone.
TP1:1.32189
TP2:1.32431
TP3:1.32726
TP4:1.33129
TP5:1.33505
News releases on those given days and depending on the outcome of those days we could see these scenarios play out.
Wed 2/20
2:00pm USD FOMC Meeting Minutes
Thurs 2/21
8:30am
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