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Hi Traders, USDCAD on H1 has formed a Flag pattern. After the Flag is expected to go lower
⬇️Sell now or Sell at 1.2614
⭕️SL @ 1.2661
✅TP1 @ 1.2495
✅TP2 @ 1.2378
✅TP3 @ 1.2258
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Pattern: Channel Up on 1D.
Signal: Buy as the price broke above the (former) 1.03170 Resistance as well as the Lower Highs trend-line.
Target: 1.0400 (the next Resistance).
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A while ago, I posted the following chart, saying that USDCAD was 'still far from a long term buy'. The conditions are finally set for the pair to be a fair long-term buy opportunity:
Pattern: Channel Up on 1W.
Signal: Bullish as the price rebounded on the 1W MA50 while the RSI hit its long-term Buy Zone.
Target: 1.4200 (first Resistance) and 1.46800 in...
Pattern: Triangle on 1D.
Signal: Bullish as: a) the MACD made a Bullish Cross, b) the price broke above both the 1D MA20 and 200.
Target: 1.7600 (below the Symmetrical Resistance). Make sure to book profits if you see the price struggling on any of the two Lower Highs trend-lines.
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Pattern: Channel Up/ Bullish Megaphone on 1W.
Signal: Bullish once the price hits the 1W MA200 or the 1W RSI enters the Long-term Buy Zone.
Target: 1.46800 (bottom of the Higher High Zone).
Pattern: Pull back towards the 1W MA50.
Signal: Bullish once the price makes contact with the 1W MA50. It is a recurring pattern since 2014. After a Channel Down, the price breaks upwards the then pulls back for a bounce on the 1W MA50 before making a new High.
Target: 1.6000 (just below the Resistance).
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