Last week we tested the 1.27730 area of support (as expected from last week) fairly deeply. As the re-test was deeper than desired we will look for a break back above the 1.27730 before looking for long opportunities to the target of 1.29973.
Last week price broke above key resistance at 1.27730 and is currently in the process of correcting back into this area to test it as support. This provides a great place to look for longs up towards the target of 1.29973
Last week UsdCad bounced from key support at 1.24488 stopping just short of the target at 1.26491. This week we look for a Bull flag correction, and possible test of intermediate support at 1.25207, in order to initiate longs up to the initial target of 1.26491 and a possible breakout clearing the way for the second target at the 1.27730 area of resistance.
Price broke significantly through the lows of this move up. We want to see a healthy level rejection and a bearish break towards the 1.3393 level I'll keep this chart updated
Usdcad is continually maintaining bullish market structure, however, the question remains, how high will it continue?
It appears as tho we're about to retest the bearish wedge we broke out of during the first part of August. We have a shit ton of resistance in this area and appear to be forming a H&S formation as well. Look for deceleration and a rejection of this resistance on the daily and intra-day for confirmation to get short. Ideally this pair tops out at resistance the...
USDCAD has broken out of a trend channel. Could we go short after a retest or bounce off resistance?
Here is an opportunity to join in on the USDCAD multi-year rally or simply to add positions. The best time to add positions is when price pulls back to quality levels so that we are BUYING LOW or SELLING HIGH . Over the past few weeks, we have seen price recoil from that unbelievable rally and looking at price, it is likely to continue to 1.52! Bold call?...