A quick note on the USD/CAD. Seems like we are on a strong support for three reasons:
1) 1.3300 Psychological level
2) Fibonacci level 0.628
3) Descending triangle on the 1hr/4hr
Expecting it to bounce back up (depending on what 's going on with the China/US trade talks)
On the monthly Chart we have a gigantic bearish engulfing that can not be ignored, straight sell off down to key level 1.3100 (weekly level)
This was projected in the 'swinging its way down to 1.31' post I uploaded!
Price has since clawed its way back to 1.3200 a key level which coincides with my favoured Fibonacci levels! Shorts have been activated and are ready...
This USD/CAD Long Set Up is based upon various Technical Analysis.
USD/CAD looks and any XXX/CAD pair longs look extremely good as of recently due to CAD depreciating due to the Crude Oil price drop as of recent heavily impacting the CAD making it weaker. The DXY also looks as if it has completed it's retracement and prepared to move higher once again.
Resistance test a few times and rejected, USD / CAD on a downtrend, as you can see on the 2 charts, I believe in a possible bounce on the 1D chart support, but for now, a short.https://www.tradingview.com/x/CHb7DUVM/
A leading diagonal may have formed between Sep 2017 - June 2018. The current bearish correction is approaching the later stages and could give rise to a major bull rally in about a month's time. Waiting for a completed impulse within Minute wave C is key to gaining a good entry level at the potential start of Minor wave 3 to the upside
Very good shorting opportunity in USD/CAD
Sell now or around 1.30850 for a potential target of 1.30388 and a strict stop loss of around 1.31028 which is above previous high.
The P/L ratio is 2.6 which is considerably good.
In the previous idea, we accurately identified the beginning of the correction and took short positions. As you can see, everything went according to plan. Next stops and closes the position on the chart. 2 point for long also are worth. Aggressive strategy and a conservative in the breakdown of the channel. I wish...