After 5 wave decline usd cad is either on reversal or correction to pervious trend. correction has not made its 0.382 retracement of primary trend hence we can expect further upside movement .
for more clarity we have inverse head shoulder pattern for direction clue
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It may continue to rise in case it does not break the resistance, it may head towards a strong drop to the blood indicated in the analysis.
Here is the full analysis for this pair, let me know in the comment section below if you have any questions, the entry will be...
Hey traders, here is the analysis of the USDCAD long trade. NOTE - Please do your own analysis before taking the trade. Let me know if you guys have any questions in the comment section. If you guys like my analysis please hit like. Thanks.
Price has recently broken the neckline from the H&S, confirming the seller pressure over the AUD. It allows the setup of a short entry after the expected pullback to retest the neckline.
S/L: 32 pips - R:R | 1:6 -
T/P: demand zone
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While the price is above the support 0.9105, beginning of uptrend is expected.
We make sure when the resistance at 0.9610 breaks.
If the support at 0.9105 is broken, the short-term forecast -beginning of uptrend- will be invalid.
A peak is formed in daily chart at 0.9395 on 06/04/2019, so more losses to support(s) 0.9170...
Here is the markup for USD/CAD that I cover in my Weekly Market Analysis video I post every Sunday on all the major pairs, so you can form a plan to trade the markets in the coming week. Just another tool to help everyone in this community. For a FREE FULL VIDEO BREAKDOWN of all these markups, please head over to our website at the following link:
The Kumo is still acting as resistance for the Chikou Span on the weekly time frame. Price is correcting to the bottom of the Kumo on the BC leg of the larger ABCD correction. This is also the LML of the Pitchfork and 50 week SMA. Still expecting the price to rise in the next week before completing the bigger CD move down.