USDCAD has made two successive Higher Lows (MACD, Highs/Lows, B/BP all aligned near 0) on its respective Channel Up (RSI = 59.927). The conditions are right for a long towards the latest Higher High, TP = 1.33823.
USD win against CAD
The cross is moving up and the Long term market pressure ( +4.8) confirm that will rise again
The short term market pressure (+9.4) confirm that the rise is already started
This analysis is based on market pressure.
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Does Canada hate its currency? Seems like it, time to short this shitcoin.
"The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice."
Trade what we see:
Price was trading sideways using fib levels to determine short term direction.
Fundamentally the USD is still bullish and we have GDP and NFPs this week to contend with.
Price has broken the daily bearish trend line and buyers have entered the market.
We've pushed passed the 71.8% retracement and now looking for TP at the 1.2 extension level.
Fundas - Oil had a major pullback this week with supply levels being reported higher. In addition we have the Bank OF Canada (BOC) rate decision this week, weaker oil along with the market seemingly pricing in a no-go on any BOC rate hike has seen a weaker CAD towards the end of May.
Techs - This chart is slightly complicated. As we can see the momentum is to...
USDCAD has been consolidation for a bit but has been showing more momentum to the downside
with more dollar weakness we could see this pair start to melt i have taken this position already as we have broken out of consolidation zone and are respecting the fibonacci and trendline
We could see one more push to test the trend line and equilibrium zone but i...
Price had an impulsive move to the upside today after the release of positive U.S. data. Still not taking any trades on this pair yet as price is stuck in what seems to be a triangle. In order for a buy order to be placed price would have to break above the trend resistance and hold that level (1.29) taking a trade at this level would be an aggressive move. Price...
4HR -Aheavy bullish trend with small rversal at the highest resistance zone
1hr- a bearish trend till its highest support zone which is corrected
15 min- a bullish trend till when the price ends
the 4 hr chart has consistent resistant zone at the price of 1.28799 hence my recommendation of a buy till the price of 1.28799
USDCAD has broken both uptrend lines and we have some solid bearish candle formations on the higher time frame. A sell limit was also tossed in the telegram which has been activated. The trade taken is the setup on this chart
We recommend selling AUDCAD targeting 0.9914 (50-day moving average), with stop loss 1.0150 (above recent highs) for a total reward-to-risk ratio of 2:1.
As discussed in Asia Pacific: US tariffs: A minor setback for now, 2 March 2018, the steel tariffs reinforce our view of AUD underperformance on the basis of late-cycle domestic dynamics, and an expected...