velmunis

USDCAD inverted head and shoulders pattern has formed in H1

Long
FX:USDCAD   U.S. Dollar / Canadian Dollar
USDCAD
After reaching the 1.30000 Mark this pair has rejected the downtrend and gone bullish up to 1.31600

At this level the inverted head and shoulders are formed which is a clear sign of bullish correction

The price has broken the right side shoulders and stalled at 1.31600 which acted as a resistance for the bull. 1.31500 is a confluence zone which is also a price action level. And trend reversal area.

In Elliott wave analysis the second wave is completed and the third wave is in formation stage. And the 100,200 exponential moving average is also acting as a major resistance for the bull. Currently the price is trading below the 1.31000 level.

Buying order may place at this level and the potential take profit will be 1.32600. Stop lose may place below the 1.30000 level.

In this week we are expecting the bank of Canada will hold the rate and will take a dovish stance which will weaken the loonie.

And in previous week the oil was felled very much this will also Influence the price action of Canadian dollar

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Disclaimer
It’s not a financial advice. Do the analyze and take a decision.
Trade active: The price was moving accordingly to our prediction
With +120 pips
Trade closed: target reached: Target acheived with +200 pips

Comments

I like this chart.
Reply
velmunis thdehddns
@thdehddns, thanks for your appreciation bro
Reply
thdehddns velmunis
+1 Reply
this is my personal view of the pair cause price is at strong support. in fact, that support was rejected.
Reply
velmunis Omenudo
@Omenudo, the fundamenatal factors are supporting the USD as compared to the Loonie
Reply
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