It is just sitting at the low. It is in a downtrend and fib wise it can extend down more. You see the daily divergence. the weekly shows more room down. Considering it did such a simple WXY 3 wave correction, I would expect it to at least do a running flat if it is going to plummet... But it may even go into a much larger corrective structure. I am not going to...
As we approach the weekly uptrend line, the question we need to ask is, how strong is the CAD? Tomorrow we'll see just how strong the CAD really is... Happy Trading, folks! Cheers.
Cad index... But Weekly... Mind you. This is the pattern that seems to be playing out. We can still get a correction and one more down into the zone, but all the fibs measure out for a 7 swing...(From the low it just made). The "X" wave can be in different variations, but this is how everything seems to be measuring out.
Price had wondered outside its bullish trend, and has consolidated into a cone. Candlesticks are showing unwillingness to continue upwards, thus price will most likely break down, perhaps to see 1.52500... or further.
Simple head and shoulders pattern has formed on the 4 Hour chart. Once the neckline support is broken, I'd say it's safe to enter short if you haven't done so already. Any minor rallies are worth selling into. Moreover, the uptrend line on the daily chart is now in danger of being compromised. In the event that happens, this pair has a long ways down to fall.
The USDCAD is in my opinion in a WXYXZ formation. There, the loonie is already in the X2 and should form a abcde correction. This is already in the final stages and should fall within the e at least 1.25 or lower, which is a very good move for a currency pair. At 1.20, the e and thus the X2 could find its end. Once this has taken place, a strong devaluation of the...
This will be my views of USD/CAD for July 2018 Please make sure to read the "update" comment as there will be changes along the way. Cheers. S0nic Disclaimer: The information contained in this presentation is solely for educational purposes and does not constitute investment advice. We may or We may not take the trade. The risk of trading in securities...
Let's cut to the chase. The AB equals CD measurement from the high and previous swing low, where CD leg coincides with the 41.4 Fibonacci extension, should mark this level as a strong level of confluence. But because there are many rules to identify the different types of harmonic patterns such as the Gartleys, feel free to comment below and let me know if it is a...
USDCAD had broken above the downtrend line. The question is will it bounce? If so, how high will it go?
USD/CAD - Trading Plan Investors are advised to keep an eye on $1.3125, below this the USD/CAD is likely to stay bearish. Whereas, the pair can stay bullish above $1.3125 until $1.3250. Good luck!
Look for Ucad to make a correction to go down in a 3 wave. We may end up with a running flat (In the bigger picture of things) giving us one more nice buy on it before the drop, but as of now, all these cad pairs are corrective in WXY patterns. But I will wait for some kind of flag or pullback since these combo patterns can always expand.
I would also like you to notice the ascending triangle pattern which is providing resistance at $1.3350. The ascending triangle patterns indicate the bullish bias of traders and typically break on the upper side. The USD/CAD can find an immediate resistance near $1.3285 and $1.3350. The violation of $1.3350 can lead commodity currency towards $1.3550. Ahead of...
The USD/CAD is on the march north, smashing resistance on its way to a test of the 1.3275 handle. Traders have jumped on the USD’s bandwagon and even an early-session bullish breakout in WTI crude oil was no help to the CAD. Now, it appears that fresh yearly highs may be in the cards for the Loonie. Shorting the daily double-top pattern at 1.3385 may come into...
The recent slide in WTI pricing has not been kind to the Canadian dollar. However, last week’s hawkish move from the BoC has helped the Loonie hold its own against the USD. Today's bullish pressure may bring a short from just beneath topside resistance near the 1.3200 handle into play. Here is the plan: 1)Entry: Sell 1.3196 2)Profit Target: 8-12 pips 3)Stop...
USDCAD is finding some support for now but BOC (Bank of Canada) gonna increase CAD rate by 25 basis points to 1.5%, presumably this will cause USDCAD to drop heavily, so technical & fundamental do not agree and I'll enter with half the usual risk on this one. There is some chance that the news is priced in or monetary policy statement would not imply strong cad,...
It took almost a whole week for this pair to fall. Which means buyers are still holding (in my opinion). We'll see if it breaks the trendline and continue higher. Happy Trading, folks! Cheers!
Last post: June 22nd. See chart . Review: Price was suggesting indecision and a possible pullback in the bull trend back to retest resistance-turned-support. Update: Price did indeed pullback and is today suggesting a possible I B setup. Conclusion: We will wait for the daily closing price and then let our community know if a pullback setup is appropriate...
Here we see this pair breakout and shot up to the moon. As it gets closer to the breakout point, the question is will it bounce back up, or will it continue lower? Only time will tell. Happy Trading, folks! Cheers!