Weekly: 3 waves completed and I expect to see wave 4 complete to the upside.
Daily: The corective structure broke to the upside indicating that wave 4 is taking place.
H4: The corrective structure has broken to the upside. I am looking for an...
Open position at $18.10
Stop loss at $17.10
Take profit at $20.23
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We're all green for 5 to 90 day exponential moving averages, RSI and stochastic both signal we have room to go before a short. This was is a long, but not its a few day trade for a scalp so keep your eyes on your screen.
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Clearly, the dollar is gaining against the Canadian dollar and long USDCAD is a bit crowded at the moment. Moreover, we have upcoming Canadian economic growth (GDP) coming out this week which is expected to be stronger than the previous period at 1.5 percent from 1.1. percent. That is still pretty weak though, it doesn't come out until Friday, and there is plenty...
USDCAD couldn't break the resistance at the first try but it has bounced at the 38.2 fib level, which indicates that the next bullish wave should be starting soon leading to a breakout of resistance level.
A great opportunity in USDCAD for position in the weekly chart with excellent risk-return.
The price follow the trend for more than 15 months and now again we are testing channel support. Since December, the price has dropped sharply following the cloud trend to channel support. It has been traded in less than 1.31 in confluence with Fibonacci retracement...
After moving sideways for the past couple days, finally momentum has increased and a potential breakout back to 1.33 levels are probable. Otherwise a heavy rejection from the Orange range will continue to pull us further downwards following the Red Arrow to the lower 1.32350 support.
Here I have identified a very prosperous and rewarding long opportunity on the USDCAD pair by simply using the Fibonacci tool from the weekly swings down to the daily. Take a look at my analysis and comment what you think..
USDCAD POTENTIAL SHORT OPPORTUNITY
This setup is going to be similar to the GBPCAD setup that was posted this week as well. If you look at this pair you can see that recently the market had a very dominant seller move to the downside. The biggest tell if the selloff is legit or not is going to be the RE-TEST. The re-test is a huge tell sign of whether or not...