FX:USDCAD   U.S. Dollar/Canadian Dollar
$USDCAD is trading inside a Triangle formation shown in the chart with blue dashed lines.
It already retraced 61.8% from previous pick, pulled back and rallied back up, now touching the 50%, structure resistance zone and the downtrend line of the Triangle.

The support elements we see are the 2 SMA lines (fast and 50) and the 1.23 minor structure zone (of course also the uptrend of the Triangle).

If it will rally up, it can complete a bearish Gartley .
If it will breakdown the Triangle formation, it will probably reach the 200 SMA line
snapshot


My target.Closed half and waiting.
+1 Reply
$USDCAD reached harmonic pattern's PRZ. Interesting towards NFP
Reply
IvanLabrie PRO themarketzone
I think it'll hit 1.272 at least. Seriously doubt it'll fall much if at all from here.
What target would you have for a correction out of this level? 0.382 of cd?
Reply
IvanLabrie PRO IvanLabrie
If it hits that I'm buying the lows ;)
Reply
IvanLabrie PRO IvanLabrie
snapshot


Then ride into 1.272/0.886. I'm sure it'll hit that eventually, maybe even 1.618/2.24.
Reply
1.24, 1.23 and 1.22 are the target zones for this setup.. For it to reach below 1.24, it will have to close below the two trend line I mentioned that currently act like support.
It could spike all the way up to 1.28, although I do think 1.27 is also a reasonable target zone.
For me, the minute that it enters the PRZ it stops being a bullish trade .. I prefer to wait for my entry than to aim for another 100 pips that may not come if the pattern will reverse right from the PRZ level.

NFP sure create some spikes.
Reply
IvanLabrie PRO themarketzone
It retraced nicely, but won't reach your target I believe.
We'll know soon enough. Might form a triangle and go sideways in the 4h chart.
Reply
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out