USDCAD broke out the multi sessions uptrend line, current price actions seems like to be retesting the broken trend line where I am expecting fresh falls to be coming in, or an alternate scenario could be to trade with a sell stop order once it breaks the area i marked on the chart.
USD/CAD is breaking through the ascending trend line right now.
This is looking like a great short. Im personally going to wait for a retest of the trend line before entering this trade.
If we retest and the trend line holds as resistance then I believe 1.32 will be met very quickly, I feel long term we could be seeing this pair come all the way down to 1.28
USDCAD is almost at the Resistance level of 1.34300-1.34400. If the Resistance level won't be broken we can expect a drop to the first Support level of 1.33500.
If the Resistance level can not hold we could see a raise to our first target of 1.35350.
Goodluck trading and follow me for more analysis!
In daliy sheet ,USDCAD have borken the channel ,it is not a chance to short it ,let's see the harmonic patterns ,if it could make the prices pull back to the 0.382 ,and see what happens at the area then do a short position .
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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