Inspired by an indicator I found on stevehopwoodforex.com and the endless possibilities of tradingview.com I came up with this currency strength visualisation concept.
*Please hit the zoom-out button once*
(or more if you're feeling wild)
This may look like a mess, but the last few "bars" on the chart are holding some useful information!
I'm sure I'm not the...
next week on usd cad be focused on a rising parallel channel.
there is high chance that we will see a bearish breakout of this channel.
If daily candle breaks and closes below the support of the channel,
we can short the market.
Target level is 1.305
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on 4h usdcad is approaching a resistance line of a rising channel
formation of head and shoulders pattern on 1H chart confirms the potential reverse and drop to channels support.
I have shorted the pair:
T1 - 1.324
T2 - 1.320
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Explosive price action in shortterm timeframes
Sideways waving market with several pullbacks.
Overall bearish market at its support now, prices moving sideways now, looking for another drop.
USDCAD is very close to a major supply zone around 1.320 - 1.325.
I will be waiting for a bearish breakout of a rising wedge to sell the market inside this area.
Key support levels for targets:
GBPCAD, easy mean reversion trade
Just like the EURGBP, the GBPCAD is in a perfect condition for a mean reversion trade. It’s important to titrate your positions in a move like this because the end of the move has occurred, there is always a follow up capitulation drive that occurs. I am long at 1.6926 with limit orders below at 1.6907, 1.6873 and 1.6851.