SamKent

USD/CAD: Weekly Discussion for the Week of Dec. 22-26

Long
FX:USDCAD   U.S. Dollar / Canadian Dollar
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1
The USD/CAD is in a clear up-trend. When taking a look at the Daily , 4H and 1H charts we can spot a possible trend continuation entry. In the daily chart we got a big bullish impulse, followed by sideways movement,which generally indicates a probable bullish continuation. Looking at the 4H chart, we notice a possible bullish flag continuation pattern. While in the 1H chart we see a possible bullish wedge . Beyond that, the different timeframes are trading in a favorable way in terms of the kumo: daily and 4H trading above the cloud, 1H trading just below. This relation is ideal, given the trading with the trend notion seeks a counter-trend move in the lower time-frame so as to enable an entry which accords with the longer time-frame trend. In terms of the kijun sen, we're well above it on the daily, and using it as support on the 1H, while it's currently acting as resistance on the 4H. So, we want to see the 4H kijun broken on the back of the 1H kijun support.
Therefore, all things considered, a break of the patterns and kumo+kijun to the upside will send us long on the USD/CAD .

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