The USDCAD pair is on the 2nd strong green 1W candle, following the rebound on the 1W MA50 (blue trend-line) and is approaching Resistance 1 (1.39000), the October 30 2023 High. This is technically the most optimal sell opportunity on a 1-year basis. The short-term Target is the 1W MA50 (blue trend-line) on a potential contact with the 0.382 Fibonacci retracement...
CADCHF made a triple top on the daily timeframe in the 0.67 zone, and then an impulsive downward move, showing that the bearish trend is still maintained. And this week there was a nice bearish pattern (pinbar and bearish engulfing) at the Fibonacci levels, indicating that this could be the end of the corrective movement, and that it will resume its downtrend. I...
Hi Traders ! The USDCAD reached a rtrong support level (1.35900 - 1.36275). The price broke the last lower high (change of character). So, I expect a bullish move🚀 ____________ TARGET: 1.37230🎯
Canada CPI will give the BOC a good indication on whether they are taking the right easing path. Keen to cut, the EUR has gained strength recently continuing a mid term uptrend. Levels remain higher, and can be noted for shorts. Exits lower.
The CADJPY pair gave us an excellent buy signal last time we looked at it (May 30, see chart below) that easily hit our 116.500 Target: Now it is flashing the opposite, a strong sell signal right after a Higher High (top trend-line) rejection on the 7-month Channel Up pattern. Ahead of a 1D MACD Bearish Cross, the opportunity becomes even more obvious. Every...
The AUDCAD pair just hit on the week's opening the Lower Highs trend-line that was first initiated on February 22 2021. As the 1W RSI is just below its own 3.5-year Resistance Zone, the first strong long-term sell opportunity flashes. Check below how the last AUDCAD analysis (May 29, see chart below) provided an excellent buy opportunity: The more short-term...
EURCAD broke and closed above a resistance line of a falling parallel channel and a neck line of an inverted head and shoulders pattern. It confirms a local bullish reversal on the pair. The probabilities are high that the market will return to a global bullish trend soon. Next resistance - 1.483 ❤️Please, support my work with like, thank you!❤️
Hello Traders ! The GBPCAD failed to break the support level (1.73641 - 1.73304). The last lower high is broken (ChoCh). So, I predict a bullish move 📈 ____________ TARGET: 1.74250🎯
The EURCAD pair eventually formed the new Lower High on the 17-month Channel Down as presented on our last analysis (May 27, see chart below) and got rejected: The rejection extended to as low as the 1D MA200 (orange trend-line) and a short-term rebound has brought the price back to a 1D MA50 (blue trend-line) rejection. Both previous Bearish Legs declined...
The NZDCAD pair gave us a great buy entry last time we looked at it (May 08, see chart below) and made a direct hit on our 0.8500 Target: The price got heavily rejected straight after and just hit the 1D MA50 (blue trend-line) again. The pattern that seems to be prevailing is a Channel Up (blue). The last time we had a Higher High rejection on its top, the...
The CADCHF pair has been on a strong 2-week rise after the 1D RSI turned oversold (below 30.00) that is testing today the 1D MA50 (blue trend-line) for the first time in 1 month (since May 31). Since the dominant long-term pattern has been a 18-month Channel Down, we expect this 1D MA50 test to deliver a rejection similar to November 03 2023, and resume the new...
Hello Traders ! The CADCHF failed to break the support level (0.64770 - 0.64628). The lower high is broken (change of character). So, I predict a bullish move🚀 ____________ TARGET: 0.65860🎯
This pair is moving toward the LRLR (Low Resistance Liquidity Run). I mentioned this move in my Weekly Forex Forecast, and price is now reaching for the old highs. I am mindful that tomorrow's economic news, Core PCE, will likely turn the market volatile, and potentially turn the bias. We'll see. Best to wait until after the news announcement for new entries.
Hello Traders ! On Wednesday 5 June, The NZDCAD reached a resistance level (0.84798 - 0.85396). The price formed a double top pattern. Currently, The neckline is broken ! So, I expect a bearish move📉 ___________ TARGET: 0.82620🎯
The GBPCAD pair is on the latest Bearish Leg of the underlying Channel Up (blue) pattern and is about to test the 1D MA50 (blue trend-line) for the first time since May 14. Once the 1D MA50 breaks, we expect a continuation of the Bearish Leg all the way to the bottom (Higher Lows trend-line) of the Channel Up. Since 2023, -2.66% to -3.08% pull-backs have been...
Hello Traders ! Previously, The CADCHF formed a bearish triple top pattern. At the moment, The price broke the support level (0.64726 - 0.64628). This key level becomes a new resistance level ! So, I predict a bearish move📉 ____________ TARGET: 0.64100🎯
Eid Mubarak to all our Muslim brothers and sisters, Permit me to do a detailed commentary of economic event on EUR, CAD, and USD. Eurozone Political Instability Impacting the Euro The Euro remains under significant pressure, primarily due to escalating fears of a financial crisis in France. Political turmoil and economic instability in the Eurozone,...
USD/CAD is trending lower during the Asian session on Wednesday, currently trading around 1.3750. This recent movement follows a notable reversal from the 1.3790 area, where technical indicators suggested a potential change in direction. Technical Analysis From a technical standpoint, the USD/CAD pair exhibited signs of overbought conditions around the 1.3790...