time frame identifications : D1 h4 h1 in USDCA make pattern LH after HH and price bullish that pattern some confirmation line purple have line zone for a retest, and in fib retracement and price close in trend line black color. in case make ratio risk and reward 1:3
Wedge formation, break out to upside before continuing momentum to downside.
Bullish Cup and Handle formation being created, signalling a bullish move to the upside. Expecting a retest at the fibonacci level of 78.6% (also a weekly level) of 1.22800. Needs to push higher in the higher timeframe to continue the parallel channel formation.
Chart is self explanatory but if need clarity hit the comment section and i will reply
USD/CAD fib retest to weekly support. Break above previous week highs then to 1.35000. 🚀 Continuing weekly trend.
I believe this pair is in an up trend with the dollar 💵 index DXY. USDCAD pulled back last night, so I’m going to try and join this continuation.
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If we have a pullback this week by Wednesday, we can expect to see a huge upside push tapping the weekly level of 1.33500. (Fib retracements)
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There is a bullish bias on all time frames. Double bottom on the daily. The price has pulled back after attempting to go long and is bouncing off the 61.8% fib level at the moment.
Based on the 4hr timeframe we could see price making a cup and handle pattern. Theres is also a chance it is a bullish flag pattern. This 2 bullish patterns make me more confdent in taking buy position in this pair. Price broke through daily structure area as well, we could take a buy position with stop loss below the stucture. Also keep in mind Canada getting a...