USD/CAD has reached daily resistance zone (green). Price went on to make a rising wedge after with a retracement of 0.7 from previous HIGH at weekly resistance level (purple).
Price than consolidated for a bit ranging between 1.347 to 1.340 with price creating a new 4hr resistance zone...
Inverse Head on shoulders formation forming, along with price breaking the counter trendline along with resistance. Watching for price to pullback & retest broken structure as new support, along with a retest of the broken descending trendline for price to create a new higher high.
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BoC is ready to release the interest rate decision and projection of future economic condition.
USDCAD is obviously in uptrend channel, but it may have correction after BoC announcement, due to 1.3388~1.34 are relative resistance area that CAD may have momentum to pullback, in addition, DXY doesn't seem well after...
Clear double top pattern made today as price attempted to break the 57.50 key level region, as GDP numbers for the CAD missed today. Will be watching for a break of the trend line, along with the blue support zone (neckline) to confirm more downside in the upcoming weeks to come..
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H4 Formed new Highs around 0.76900 and retested our Daily key level
Consideration zone, expecting a push to the downside and a break of this zone towards daily key level
Very sideways last 4 weeks, we need a breakout now!
SELL CADCHF @ 0.76280
SL @ 0.76700 (40 Pips)
USD/CAD has developed a nice bearish momentum after breaking the 4h timeframe trendline (around 1.30000). We are also in a descending channel on daily timeframe so the overall bias on the Loonie is bearish. The price has made a huge drop all the way to the 1.2920 area where it has found support. With the move to the downside yestersterday we have also broken the...
* Please note I am not in either of these positions yet. The green/red markers are showing where I wish to enter. I'll post entries in the comments.
I do think this daily signal is bold and tells us a lot about this market and the quality of this uptrend.
But these markets are being far to spiteful right now to give us three green soldiers outta...
After a bearish reaction off daily resistance, price managed to close below 1.29100 support. To end off last week, price close below consolidation & trendline to the downside, where I will be watching for a pullback retest & reversal candlestick pattern for entry..
USDCAD has broken upside resistance. However we feel the Red Zone & RED Line will be strong Resistance area for further upside. We expect USDCAD to test the Blue Lines and retest the recent high and potentially red zone. Scalp between both lines for both side trades.
Price attempting to breakout of weekly resistance after more weak data coming out for the CAD. Will be watching to see how this weekly candle closes. Then I will look for a retest of broken resistance as new support, & we could have a solid swing trade here!
Downtrend broken, this could be the start of a bigger picture bullish trend we have for this pair. Next Supply zone to look out for is the 1.29100 area, where I will look for a break above that zone or a rejection for a pullback to create a higher low, so price can build some momentum & break to the upside!