So we did not get the retrace tot the trend line on the other plan that I was looking for this week so I am going to go with this plan. As soon as we see that the price has broken the support zone we could consider to go short on it. Please let me know in the comments what you think of it and feel free to share your idea for this pair also. If you like the idea,...
As you can see in the daily chart, we are waiting for the descending trend up to the range of 1.2039. In the 240-minute chart, wave iii from sub-waves of (iii) has ended in the range of 1.2588, and its correction has ended in the range of 1.2882, the price currently is in the last wave of the downtrend, in wave (iii).
Our updated USDCAD chart: price in a wedge, volatility will arise in the next 2-3 working days. The range is 1,283 for Long set-ups and 1,27 for Shorts. Most likely a drop. ps. both Canada and the US had bad data. Oil prices high helps the Cad against the USD
This looks like it has run out of steam and will continue back downwards. EMA's are close to crossing and MACD looks set to go bearish. Target is the previous low at 1.25899
View the chart for information on how I traded this pair.
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Price has ran into a strong-ish sell zone and has reacted well. Look for price action signals for a potential short back to one of the demand zones. I do believe 1.261 is a reasonable end target.
USDCAD, Pullback to test resistance and Strong Trend Line!
In some cases, we cannot detect the main trend clearly. But there are patterns that are helpful, they temporarily show the trend. One of these patterns is Diagonal. As you can see in the image, the Diagonal pattern is formed and we are waiting for the price to increase to the range of 1. 3411. To get the confirmation for the uptrend, the price should cross the...
USDCAD, is Falling Down and respected so strong trend line!
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USCAD shows a very good sign of short position. + Breakout Descending Triangle pattern + Strong Support Becomes Strong Resistance + The Price Action tells Short
Monthly Structure tells a nice price action story. + Exaggerated Divergence + Significant Support + The momentum tell further below + Double Top
This pair is strugling near its support line now it may get little rejection and then break the support.
Confluences: + Pivot Point + Fibonacci Retracement 0.6 + MACD Divergence + Flip Zone - Take Profit: + next Support / Resistance + Or Price Action ( My Favorite way )
With over 380pips in our direction since my last publication on this pair (see link below for reference purposes); It appears we still have a few more pips to mop as the appearance of a Bearish Rectangle pattern dictates the prevailing direction of price... The risk of further decline gains momentum! The USD/CAD pair gained some positive traction during the...