Hello traders, this is a complete multiple timeframe analysis of this pair. We see could find significant trading opportunities as per analysis upon price action confirmation we may take this trade. 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 has found strong support area near the penetrated descending trend line and the 38.2%
In the short-term, the outlook seems to turn slightly bullish after the jump towards the 1.3325 resistance and the momentum indicators are holding in bullish area.
Fresh risk aversion, weak fundamentals elsewhere add strength to the US dollar.
Conclusion for today’s USDCAD analysis: Eventual breakout from the bullish channel indicates the direction of the next price swing in the USDCAD.
USD CAD chart examined today is the Daily timeframe, with coverage of over 18 months of price action. The current price swing that is the focus of this analysis is from September 12, 2017 to current date. One of the...
USDCAD made a good progression till it showed us Head and Shoulders formation till MAY and it touched its Fibbo %61.8 band. And touched trough 1.25 band and its one of the MAJOR Resistances for USDCAD. It will show us where to go now. 1st it can test the trend line which tried couple times before and rejected. It might see 1.2440band as we see fibbo %-27 band. 2nd...
Sell below 1.3482. Stop loss at 1.3543. Take profit at 1.3387.
Reason for the trading strategy (technically):
Price continues to drop perfectly towards our profit target and has made a nice bearish exit signalling that a change in momentum is expected. We remain bearish looking to sell below 1.3482 resistance (Fibonacci retracement, pullback resistance, swing...
Sell below 1.3540. Stop loss at 1.3595. Take profit at 1.3431.
Reason for the trading strategy (technically):
Price is seeing major resistance below 1.3540 (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance, Elliott wave theory) and we expect to see further bearish movement below this level to at least 1.3431 support (Fibonacci...
USDCAD Testing the resistance at price around 1.34. Would it Reject by the resistance? Looking forward to Short With confirmation. Invalid to short if broke resistance
Sell below 1.3180. Stop loss at 1.3600. Take profit at 1.2500.
Reason for the trading strategy:
We remain bearish below 1.3180 resistance (Fibonacci retracement, bearish pullback) especially with the break of our long term ascending-turned-resistance line signalling a bearish exit to be seen for a drop towards at least 1.2500 support (major swing low support,...
