USDCAD tested uptrend line and bounced off towards trend direction, expecting it to make a new high over the coming days, look for buy setups if you have a trading strategy and trade with care.
Watch my previous USDCAD updates below the link.
As we got an important data to be released NFP & CAD employment figures, so i am expecting USDCAD to dip towards uptrend line and thereafter making another high because bullish trend is still intact.
Price has broken below 50 sma and went about half way
Price could continue to 100 sma or rise back up to the 50 sma
Sell limit placed if price returns to 50 sma
Sell Stop placed if price continues to 100 sma
Take Profit is the 100 sma
Hi Traders .. USD/CAD looking intresting on weekly timeframe . clear pinbar formation tells the seller presser . USD/CAD will continue it down trend with a nice exaution to downside. Keep it simple . i dont use the indicater . im the indicater
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.
USDCAD has broken upside resistance. However we feel the Red Zone & RED Line will be strong Resistance area for further upside. We expect USDCAD to test the Blue Lines and retest the recent high and potentially red zone. Scalp between both lines for both side trades.
Pending Short @ 1.2820
Stop Loss @ 1.2930
Target @ 1.2540
RR Ratio @ 2.55
Trade Will invalidate if its did not break below 1.2670 before pull back.
Trading involves substantial risk of loss. I'm just providing insight into what trades I'm taking.