Keeping a close eye on USD/CAD. This pair is still looking quite negative with 5 consecutive weeks of declines. Price is sitting on the 100 EMA. If the price breaks the 100 EMA and closes under in the following week we may see fresh declines all the way down to the 1.21 price range. Also Oil is still looking strong with higher high's further boosting the Canadian dollar.
Bearish trend started, diminishing RSI, many Fibonacci circle levels broken, next target 1.618 and 2.618. Green lines represent previous important structure levels. Red line represents support which became resistance. Particularly important point: 0.9568 (red, green, and fib 1.618 cross). Good luck!
Weekly chart oversold looking for a bounce on the Daily timeframe. Confirmed divergence on the MACD with a easy to manage stop off the yearly lows.
Hello Traders, After reaching the Geo's Off-Set rule in my previous USDCAD chart, we have a bullish Wolfe Wave that formed. This is similar to GBPCAD as well. You can look at the links below.
CADJPY pair is heading to 90 figures. Historically, 89.5-90.5 has been a reversal zone for the pair in several occasions, therefore, if passed, held and secured, next immediate targets are 95, 100 and 105 figures. For the shortest term, it is all on BOJ next week. I set a sell order on 90.32, targeting 75 figures and SL on 95 figures.
Hello Traders, A few days ago I posted a smaller time frame GBPCAD chart. That chart is the internal Wolfe in this one. With such great confluence this makes a swing to the upside a very probably move. You can refer to my previous chart in the related link below. Best, Chartistry
AUD/CAD slump post dismal Australia's CPI data on Wednesday saw the pair break below strong 200-DMA support at 0.9692. Bearish bias in the pair has risen and momentum studies heavily tilted to the downside. Major moving averages are biased lower, RSI deeply in oversold zone and MACD points south. Downside finds next major support at 0.9434 (Nov 17th lows),...
The primary trend of EUR/CAD is bearish on charts and price is trading below the trend line in its 4 hourly chart. In 4 hourly chart the price is sustaining below 200 day SMA and taking resistance of 50 day SMA on the downside indicating downtrend of the pair. Resistance level of 1.4331 and Support level of 1.4218 If it breaks its support level on the downside...
Two well-defined inflection points for next move
Again, on the daily time frame we see a nice wedge forming here. It appears to me a bit to early for the breakout which is making me lean toward a long position. In addition the 200sma is acting as support to PA. Seems to be a high probability long play here. As always, risk management is crucial!!!
Conditions 1 : (Chances Are High) If It Breaks Below Lower Trend line then go for take profits@ 86.500 Condition 2 : (Chances Are Less) If it breaks above trend line and has a candle close above upper trend line then buy for take profits@ $91 Major Reasons To Go Short: 1- Candle Closing Allows Trend To Change To Downside 2- Upper Divergence 3-Triangle...
Long term hitting 0.764 reverse fib level + support of trend. Likely that we will experience a bounce up I would enter long at this point however prefer to wait due to the vast amount of news in the coming days. Safe and Successful trading!
13 Countdown sell signal followed by an Engulfing candle and a close BELOW the T-Line.
USDCAD has been in a serious downtrend consistently making lower lows and lower highs and breaking short-term up trends with great bearish momentum. Knowing this we are looking at any short-term up trend as a corrective pullback that when broken will spark a continued move to the downside. This type of market will provide us with very high probable set ups if we...
Canadian Dollar Currency Strength: Very Strong (positive order flow)