USDCAD will not break above $1.36664 because of no recent attempt to do so. The last time prices were that high was last june and they did not stick there for very long. I am goimg short on this one as i am following the primary movement of price. I have no confidence in this awaited Bullish breakout because prices have - most of the time trending below $1.13037,...
Price has been pushing down while forming LHs and LLs on the smaller time frame, my entry was based on the H4 close which broke 1.34200 and pushed up for liquidity forming another LH on H1 as it retested it's broken support. My goal is to ride the current market momentum to the daily demand zone for a 1:3.
Chart is an expectation of market setup via gartley pattern.
If market hits target C then;
* SELL at 1.32839
* TP1 at 1.33311
* TP2 at 1.32911
* SL at 1.33800
Note - TP2 at target D in pattern.
If market hits target D after selling at C then;
* BUY on D at 1.32911
* TP1 at 1.33311
* TP2 at 1.33558
* SL at 10-20 pips below X (1.32839)
Note - TP1...
I think we have reached leg B and now heading up to C but of course market could still retrace back to B or even a bit further down before heading up. My labelled zones are only a rough idea of where i think the market may touch. Decide on your own Entry & Exit.
Please note that this chart is an opinion based chart only. Please trade at your own risk
USDCAD uptrend buy retracement.
After macroeconomic data releases from U.S.
and CAD lifted the USD/CAD pair to
a fresh 19-month high at 1.3563 .
Strong uptrend and falling crude oil have major contribution
in Canadian economic data ABOVE 1.3600 TGT 1.3645-1.3675
Expert Advisor (EA) myfxbook verified. click here.
NFP results for USD were not good today and employment change results in CAD was better than expected.
It is very possible USD/CAD is now in a short trend as indicators and candlesticks indicates.
If the 200 EMA is broken, then it's going to go down until it finds support and the trend changes.
Volume has been created and the zone has been made. Price will move inside the zone and retesting the zone validating the downward move. Watch for selling opportunity by the successful zone test. If zone break that mean zone is invalid and must search another pattern.
The recommendation is to watch for short opportunities down trend move.