On the 4H chart the price has made a steady down-trend and there has been a decending triangle forming. The price also has broken below the 20 and 50EMA which indicates a further downside could be on the way. Since USD data is coming out today, I expect the price on this pair to reach at least 1.33000 which would provide us with a nice 50 PIP short trade.
USDCAD is inside a descending channel on the daily timeframe and is testing the resistance, this is a good time to sell this pair aiming two different TP targets based on daily key resistance levels. Goodluck!
Just opposite to the performance of NZD/USD since August 15th at least, CAD/USD has been trending downward and it has challenged its support level with a breakdown after failing to overcome resistance at the 1.31038 level. This is a short signal to me, but let's see how it goes!
Entry point and Stop level indicated on the chart. Profit target will be taken...
USD/CAD IS TRADING WITHIN BIG WAVE C ON WEEKLY CHART, USUALLY WAVE C IS DOWN IN THE SHAPE OF 5 IMPULSIVE WAVES
AFTER THREE CORRECTIVE WAVES ARE DONE WE WAIT NOW WAVE 2 AT 1.3005 TO SHORT TARGETING BIG WAVE C AT 100% FIBO LEVEL AT 1.1500.
FOR SHORT TERM PROFITS WE CAN CLOSE OUR SHORTS AT 1.2100.
STOP LOSS IS ONLY 130 PIPS AT 1.3135 SO THE RISK TO REWARD RATIO IS...