Hey guys, back with another analysis. I just found a high probable setup on USDCAD. Please do like and comment and follow for more. :)
Daily, we can see it is respecting this bearish trend making LL and LH, I think it has made the LH and it should continue bearish from now. Also got a confluence from Fibonacci Retracement, it is at the golden zone of 61.8%.
...
Thank you for supporting. If you like my ideas, please write in comment below.
Disclaimer
the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.
- Admittedly, I made a premature entry earlier this week as I expected price to hold below the 1.4151 level
- Current fakeout where price crossed above this level very briefly and then crossed below it is a good signal that we can expect further downside ahead
- Before making a short entry play, we'll need to eye the 1.4118 level as we could potentially see this...
USD/CAD stays above 1.4000 and the key question is whether it will continue the recent upside move. At this point, the nearest major resistance level is located at 1.4575 and 1.42300. This level has already been tested many times and has proved its strength.
We also note USD/CAD is struggling to continue above the recent highs formed towards the end of last week...
Im watching usdcad for a nice oppurtunity to sell
1. if price break strong support 1.39860 & retest.
2. a better entry will be if price retest major bearish trendline d1/h4.
USDCAD broke below the marked support ares and retested with bearish strong rejection
Possible bearish price movement towards the next support 1.38200 and 1.34200 within the next period.
***Comment your thoughts down below!
Just a few key points that I'm watching on the hourly timeframe:
USDCAD reached January, 2016 highs earlier today
Currently monitoring this wedge breakout for further selling pressure potential
We want to assess if resistance holds up at the latest level breach @ 1.4424
USDCAD price fell down from the upper line of the channel since last few days and it's struggling with the bottom line of the channel which is also the least price of USDCAD since April . It's strongly believed that if the price manage to break the support line (which is near 1.337) sharply , then we have right to enter to short position .
See the screenshot from monthly timeframe below. We are trading against a prominent inverted Head & Shoulders pattern which has clearly broken the neckline and completed a successful retest. Therefore, I have taken a small position of 0.25% capital risk and if price action permits, I will look to add this position at a later stage.
Monthly Outlook:
Caution -...
