Tradesmanship

(USDCAD) Daily and 4hr - speculation and analysis

FX:USDCAD   U.S. Dollar/Canadian Dollar
4 months ago
Daily -

We have a ascending broaden wedge and a broken trend line ( light blue line), I honestly expected nice bullish movements after the broken trend line but that didn't happen due to retracement in USOIL             and weakness in DXY             due to rate hike delay.
The retracement in USOIL             is over now and we are heading down once again, also DXY             has been forming a very nice bullish status in the past week.
With the current information we have, we reach the conclusion that the up trend I was expecting about 3 months ago might have finally arrived.
We need to get out of the current consolidation ( purple box) to confirm the bullish trend .

We know that the ascending broaden wedge is normally a bearish formation, but am expecting another leg up before we head down for a very long term.

4hr -

We have broken the consolidation in the 4hr, but not in daily, this put us in a uncertainty of what next week brings.
If we do break the the yellow trend line then we shall head down to the bottom of consolidation box, if not then the up trend we spoke about is intact.


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4 months ago
Comment: Looks like we are heading upwards as expecting, we need a daily close above the consolidation area ( purple box ) to confirm.
4 months ago
Comment: setting SL at 1.31000
4 months ago
Comment: progressing nicely and slowly.
4 months ago
Comment: longs still doing fine.
4 months ago
Comment: Settling SL at B/E now, so if it hits, its break even
4 months ago
Comment: this is starting to look nasty, am closing it with 45 pips.
3 months ago
Trade active: Long, we have reached the end of trendline.
PredictorMain
4 months ago
I love this analysis
Reply
Tradesmanship PRO PredictorMain
4 months ago
thank you :)
Reply
newbie2016
4 months ago
downside is still limited.. 1.315 will decide and it can jump again towards 1.329 or 1,324
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Tradesmanship PRO newbie2016
4 months ago
yes it is, oil is still very bearish and this USD weakness we are having right now is for a limited time, but I closed the trade anyway for those who are following so they can keep the 45 pips, till the next bullish formation arrives ;)
+1 Reply
newbie2016 Tradesmanship
4 months ago
pocketing is always good :)
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