USDCAD ready for next upside push??Been a bit of a slow start to the week but we are now starting to shape some possible new moves, one of them been a possible continuation on USDCAD. Ill be waiting for more rejection out of 1.24000 area before taking longs. As always risk manage and keep to that trading plan!!
Usdcadsetup
USD/CAD:PRICE ACTION | NEW BEARISH SETUP READY...The DXY index continues to rise and the USD/CAD pair retreated again after the US Non-Farm Payrolls surpassed expectations and the US dollar rose to daily highs.
Welcome back Traders, Investors, and Community!
Check the Links on BIO and If you LIKE this analysis, Please support our Idea by hitting the LIKE 👍 button
Traders, if you like this idea or have your own opinion about it, please write your own in the comment box . We will be glad for this.
Feel free to request any pair/instrument analysis or ask any questions in the comment section below.
Have a Good Day Trading !
USDCAD Is Heading Lower In Wave (v) of CUSDCAD decline from wave B high is taking the shape of Elliott Wave five-wave impulse pattern.
The corrective sequence within the impulsive decline follows the EW alternation guideline. Wave (ii) was a sharp correction that retraced 61.8% of wave (i) and wave (iv) is a complex correction and has retraced 38.2% of wave (iii).
Price is expected to head lower in wave (v) to complete the five-wave sequence in wave C.
Other Confluences:
- Price is retesting daily bearish order block (supply zone)
- Price is rejecting daily 50 EMA as dynamic support (not shown on chart)
- Doji at the supply zone
What's your view on USDCAD? Let me know in the comment.
Thanks.
USDCAD will get choppy!Like I've been explaining I think we will get an upside rally on USDCAD its just a matter of getting a good entry point, as mention there will be some impactful data in under 2 hours so be careful!! ill be taking a look at price over the weekend for setups leading into next week, I never place trades before any uncertain times (news/data events) its a straight gamble and I'm here for the highest probable situations..
UsdCad- Great R:R medium term tradeUndoubtedly, since mid-March, CAD has dominated the market, and with USD has strengthened more than 2500 pips, reaching a local low at 1.2 at the end of May.
A first leg of correction has followed and a new drop after this.
However, this new drop has found bids in 1.23 zone and we have 2 Doji candles on our weekly chart that can signal a higher low is in place.
I expect a new leg up from UsdCad and the price could reach and test 1.3 resistance.
Such trade can have a 1:5 risk to reward ratio and is negated with a daily close under the last recent low
USDCAD SELL ideaUSDCAD has been making higher lows in the recent week, however I've noticed it has been trading in a consolidation
There are 2 entries here where the aggressive one is based on these confluences:
Retest of Trendline
Test of 61.8% Fib
Higher Low Created
Bullish Engulfing/Momentum Candle
Conservative entry would be on a break and retest of the consolidation box
USDCAD Short to Long idea /MultipletermHello guys.
We are having quite strong downtrend.
At the moment wave3 /=W3/clearly pulling back at fib 1.618 and heading to wave4 /=W4/. Wave 4 might be at Fib 0.2 /1.24045/ or Fib 0.3 /1.24727/. Then it possibly retrace to wave 5 /=W5/ around 1.217.
Please write comment. If you like it press LIKE.
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading
USDCAD reacting to 1.23000?? time for buys??We are now running into a very interesting level on USDCAD and would like to see some more price action before looking at taking long trades off that area but main point is profit is secured and still keeping a small percentage running with stops at breakeven in case we see further downside.
USDCAD top-down analysisHello 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 SELL OPPORTUNITY LONG TERMIf price fail to come higher than 1H EMA and also rejected from this area which is our static Resistance zone and manage to come lower than 1.26268 means short term bullish corrective move has ended and price can start another drop to 1.25630 and after that because of higher time frame bearish move can also see lower prices.
price at the moment is sitting on 1H & 4H EMA and also we can see bearish divergence which all suggest its a good area for looking to short this pair.
But we should remember if price goes higher than 1.26555 this analysis has failed and our short term trend has confirmed to be bullish.