I am short this pair at the break of 1.3100 support. There has been a recent up-trendline break which is adding to the confluences. Looking to take down to my first target around 1.2900 support then further later on in the week.
USD/CAD is passed the 61% fib but showed a double top with an obvious level of resistance and we saw a push, now thinking the push will continue with a slit pull back but overall down. Good luck traders!
I'm expecting at least one more up impulse for the completion of a running flat and my target is 1.315 which is 0.272 extension of the wave A. Now, I'm waiting for a correction to place an entry order.
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As mentioned on the chart, this is NOT a swing idea, and it's a totally different trade if there's a gap involved.
The support zone is tight, which I like for a daytrade. There are 2 clear levels where orders are tucked (past the yellow zone and past the dotted green line.
IF we get nice buildup ahead of the yellow level break (which is what's happening so ...
USDCAD TWO POSSIBLE SET UPS
SCENARIO 1: Price continues its bullish run and we see a break of the counter trend line which will warrant buy positions to upside target zone. ( Possible price stalling or false break out if we fail to break the resistance/ price deceleration zone)
SCENARIO 2: Price begins a bearish cycle we see a break of the ascending trend line ...
Fundamentals of yesterday perfectly broke the 1.29 level. After the break there was a visible consolidation; during the US session this day we might see a move, with CAD GDP on the agenda.
If it moves below 1.2830, bearish outlook.
If it moves above 1.29, bullish outlook
Take a look at yesterdays USD/CAD ...