UsdCad Top Down Analysis!

FX:USDCAD   U.S. Dollar / Canadian Dollar
UsdCad's weekly chart shows a breakout. The price is currently near a resistance level which can fuel the price to drop on the outer resistance trendline (Refer to AstroFx book). If the price drops below the resistance zone a short trade can be traded. The stop loss would be placed above the resistance zone .

UsdCad's 4H chart shows a third touch in the trendline which could indicate a bullish movement, however, as clarified on the daily I'm looking for bearish opportunities after a small reversal.

UsdCad's 1H chart shows a bullish butterfly formation. This formation has only one imperfect leg (0.907). I am late for the party in this trading opportunity. In any case, as in the previous timeframes, I would prefer a bearish trade after the pattern is complete.

The reason why I'm ignoring all this short term bullish opportunities is because I don't go against the trend (one of my rules). Perhaps I can work on reversals too but I am not good at them for the moment, and I don't see a need for that in the near future. Don't catch a falling knife! Few pairs, few tools, mastery, entry, management, pips.

Ask Questions & Give Coments!!!
Follow for updates on this pair as it develops throughout the week.
Follow for more pair analysis.

Kind Regards
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out