ForexWeeklyAnalysis
Long

Pending long on USD/CAD in 1.0950 to 1.1000 region

FX:USDCAD   U.S. Dollar/Canadian Dollar
253 4 2
I'm not surprised that price bounced a bit today given we had 5 prior red days but we're not really at the absolute buy zone yet in my opinion.

Compare the boxes: left box shows price bounced after having several red days and formed a green pinbar, which was pretty good for bulls but price still went down the following 3 days. The 3rd day had a spike down before spiking upwards. I think something similar can happen here as well, I'll be waiting in the 1.0950 to 1.1000 region with my pending longs.

Consider a hard stop loss below the 1.09 level.

Target would be the upper trend line.

******* The following is from my previous analysis:
Long scenario on USD/CAD, which trend line will hold?

Bigger picture, price was rejected above the 50% fib level (high 1.12XX region), so the bigger picture short might trump the short term long off these trend lines, so proceed with caution...
Just filled a long at 1.0970 (bottom trend line)
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ForexWeeklyAnalysis ForexWeeklyAnalysis
2 years ago
At the moment, I have a wide stop loss below 1.09 because I'm watching it but if price continues to struggle down here during Monday London/US session, then I'll set the SL below Friday's lows.
PS: It's 8pm EST right now and I just woke up, so I'm going to be up for the next 12-16 hours...
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Stopped out, next level of interest at 1.09
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ForexWeeklyAnalysis ForexWeeklyAnalysis
2 years ago
See here:
Long USD/CAD around low 1.09XX region
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