ForexWeeklyAnalysis
Long

Pending Long USD/CAD in 1.094X Region

FX:USDCAD   U.S. Dollar/Canadian Dollar
64 2 0
Update: Based on how markets closed, I'd consider this trade is now void since my entry zone was never hit. Price has to hit the top trend line first before any new set ups are presented.

Price didn't quite get there today so if price retraces back down there tomorrow, there's a possible long entry in 1.094X region. This is the 88.6% fib level + a possible trend line in the making as well.
First target is the potential downward trend line coming in at 1.114X region.
Second target is the 1.12XX region, which is the 50% fib level from the 2009 drop.
Consider exiting if price closes below 1.09 level.
The move should be fairly fast since this pair is biased to move up this year.

(Long term insight: Canada is due for a housing market crash soon, especially in the condo market.)

Edit: I'm only targeting the 1.12XX region since that's the first level of contention. However, if you zoom out, the trend lines that I drew resembles a possibly bullish flag and if price breaks out, it can continue moving upwards.

Update: Based on how markets closed, I'd consider this trade is now void since my entry zone was never hit. Price has to hit the top trend line first before any new set ups are presented.
Update: price didn't retrace at all, thus, didn't hit my target entry zone. I doubt price will go back down there considering good US data and bad Canadian data. Should price decide to retrace down there for whatever reasons, I would proceed with caution.
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Update: Based on how markets closed, I'd consider this trade is now void since my entry zone was never hit. Price has to hit the top trend line first before any new set ups are presented.
Reply
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