D1 - Bearish trend pattern followed by a pullback. Price reached a strong resistance zone and is bouncing lower. Bearish divergence. H1 - Lower lows. No opposite signs. Until the strong resistance zone holds I expect the price to move lower further after pullbacks.
By examining the 8-hour USDCAD chart, we can define the market structure as bearish. There is a strong supply zone that broke the structure and also it coincided with the POC line, previously the price felt the FVG but could not enter to supply zone and was rejected. Now the price created the liquidity pool formed as an equal high below the institutional...
"Current market analysis indicates a bearish outlook for USDCAD , with a specific downside target set at 1.31418. The bearish sentiment is supported by the risk level set at 1.32723. The decision is rooted in the observation that the previous low at 1.30924 served as a successful target, leading to the belief that the currency pair is likely to head in that...
H4 - Strong bearish momentum. Lower lows. No opposite signs. Until the strong resistance zone holds I expect the price to move lower further after pullbacks.
USDCAD closed a bear candle below its bull channel support last week, leaving the bulls to wonder if this is the beginning of the end! Will the US Dollar recover and bring us back into the bull channel? How do we trade this? We closed a candle below the bull channel, it's reasonable to be biased to short in the short term. The price may want to make contact...
H4 - Bearish convergence. Currently it looks like a pullback is happening. Bearish hidden divergence. H1 - Bearish trend pattern. Currently it looks like a pullback is happening. Bearish divergence. Until the two strong resistance zones hold my short term view remains bearish here.
I am sold it because on D1 time frame market made HH but the confirmation of sell I got on H4 time frame. Hope we will make handsome profit on it. This trade may be long term trade to hit TAKE PROFIT 3.
D1 - Price respected a strong resistance zone and bounced lower. Bearish convergence. Expecting short term bearish moves to happen here. H1 - Bearish trend pattern. Currently it looks like a pullback is happening. Until the two strong resistance zones hold I expect the price to move lower further after pullbacks.
Reuters reports dollar retreats from 2 months high. An interesting observation and looking at the charts, we can see a text book chart pattern. Downward trend and a retest to a significant level. We understand a fake out from the descending price could happen. Watch out. Comment what you think
I have mentioned all the important resistance levels, where we may see sell opportunity on it. I think we do not have to look buying opportunity on it, just sell.
Script shows signs of reversal with upcoming CAD news today. Bearish divergence and AB=CD reversal patterns shows CAD NEWS of employment change will be bearish. Would the chart pattern supports the news or NOT? Also need to check old saying "SHOW ME THE CHART, I WILL TELL YOU THE NEWS"
On the 4H timeframe, there is bearish order flow, forming lower highs and lower lows. A pullback to key resistance zone at 1.3350, which is in line with the 50% Fibonacci retracement level, could provide the bearish acceleration to the support zone at 1.3000, which coincides with the 261.8% Fibonacci extension level. Price is hovering below the 20 EMA and ichimoku...
Price is currently hovering near a key resistance zone at 1.3540 on the H1 timeframe, which coincides with the 78.6% Fibonacci extension. Failure to hold above this zone could see price push lower to test the next support zone at 1.3480. Stochastic RSI is in the overbought region above 80, supporting our bearish bias.
On the 1H timeframe, price is showing strong bearish correction. A pullback to the resistance zone at 1.35, which coincides with the 61.8% Fibonacci retracement, and a break below downside confirmation at 1.345 could present an opportunity to play the drop to the resistance-turned-support zone at 1.342. Price is holding below ichimoku clouds and 20 EMA, supporting...
Price broke below a key resistance-turned-support zone at 1.3520 on the D1 timeframe. A pullback to this zone, which is in line with the 78.6% Fibonacci extension level, could provide the bearish acceleration to the next support zone at 1.3320, which coincides with the 261.8% Fibonacci extension. Price is holding below the 20 EMA and Ichimoku cloud, supporting our...
On Friday USD showed weakness while in other hand Canadian Dollar showed much strength. I think CAD will remain strong in next week against the USD.
USD is weak against the CAD. I believe its falling journey will remain continue to the next week. It is better to look sell opportunity on it.
On the M30 timeframe, prices are ranging between a key resistance zone at 1.3600 and a key support zone at 1.3550. A pullback to the resistance zone at 1.3600, in line with the 23.6% Fibonacci retracement, could present an opportunity to ride the drop to the support zone at 1.3550, which coincides with the 50% Fibonacci extension and graphical low. Stochastic RSI...