Continuation sell trade from break and retest of trend line
Wait on a break and retest of level 1.26500 to enter short towards level 1.25000.
Wait for a good bearish confirmation before entering.
The zone to the left provides a great area of demand to bounce from.
I would like to see some rejection and structure shift on the lower timeframes before we begin to buy into the bearish imbalance on the way down.
What are your thoughts on this setup?
The dollar cad has been trading extremely erratically this month. The end of the month will see huge volatility for the pair before a large dump to liquidate stop losses to the downside.
BEAR CASE
A mild retracement to the upside should happen next week and we should see October retest 1.23
BULL CASE
A fake out to the upside to liquidate overzealous shorts...
Hello traders, this is the full breakdown of this pair. We will take this trade if all the conditions are satisfied as discussed in the analysis. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
USDCAD
Evidence For Short
1) Market has not able to cross strong resistance twice.
2) Double Top is formed at resistance level.
3) Ascending wedge can be seen in chart pattern that represent bearish reversal.
4) Divergence can be seen on RSI that also sign for reversal.
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Price retested flip zone, trend-line and Level 1.27000
I'll be looking for buys on level 1.27500
Reasoning:
- Overall Trend is still bullish, however we've seen a little rejection around level 1.28000-1.29000 (Watch out for signs of a reversal)
- Price broke and retested level 1.27000 & Price flip zone (Blue)
- Price respected trend-line
- USD has shown...
USDCAD, price failed last week to make a new high. Waiting for the pull back to the 1.26580 area which is the 61.8 fib level and clear rejection before going short on USDCAD. We have to be careful also this week due to NFP and Big OPEC news coming out. USDCAD might stay in consolidation until after big news
This pair has been in a bullish domain for a long period of time, now that we have wiped both significant highs, price should be due a retrace.
I would like to take out at least the break and re-test buyers or even the equal low buyers.
Hello everyone, as we all know the market action discounts everything :)
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On July 20 I posted my analysis on the market and told u that a cup and handle pattern has formed and the market is looking Bullish...
USDCAD seems to have rejected the .50 fib level perfectly and we can assume a complete correction. My bias is short on USDCAD and I think its possible to expect some downside to 1.618 fib level.
Hey traders, here is the analysis for the USDCAD. Let me know if you guys have any questions in the comment section. If you guys like my analysis please hit like. Thanks. NOTE - Please do your own analysis before taking the trade.
Price needs to collapses even further on this pair to mitigate some of the bullish damage it created whilst gathering more liquidity.
We have now broken away from the support as expected, the next target region is the equal low points.
When this area is purged we can consider buys but until then this is a sellers domain.
Let me know what you think in the comments?
USD / CAD had a clear rejection of the price at 1.25800 ares, which is normal, we warned about that, due to the strong structure it has at that price. What can we do next? Since he had a rejection at 1.26050, the point becomes pretty clear .. LONG
Hello traders , Our goal in this analysis is to give you an overview of the future of symbolism.
In this analysis, we examined wave b at higher timeframes.
Wave b is being formed as a flat and in this flat waves a and b are complete and wave c is being formed.
The price is in a sensitive area and we can not say for sure, but we still think that the c wave is not...
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🔔 FOMC announcements are important today. The most important note expected from the FED Chairman would be announcement of the tapering asset purchases by the FED. The no-clue tapering asset purchases date might play a negative role to the US Dollar Index and since there will be a volatility, USD/CAD may jump to $1.2890 level and retrace to $1.2720...
We consider selling this USDCAD pair because of a strong resistance above. We know what we are doing and we do what the market is doing. This is more than an institutional analysis. Invest wisely. Thank you for following me on tradingview.
The loonie-dollar pair had risen to its highest level in a month the day before, as the US dollar's safe-haven demand was bolstered by a broad risk-off mindset. Concerns about the upcoming federal elections in Canada, as well as low prices for Ontario's principal export, oil, ran parallel.
It should be mentioned that rumors that a senior US Senator, Joe Manchin,...
