USDCAD is approaching its resistance at 1.3282 (61.8% Fibonacci extension, 61.8%, Fibonacci retracement, Horizontal swing high resistance) where it may reverse down to its support at 1.3234 (Horizontal swing low suppor).
Stochastic (55, 5, 3) is approaching its resistance at 93% where a corresponding reversal may occur.
USDCAD price action looks like it could potentialy go upside for some time.
We could see huge decline in previous weeks and we could see retrace for at least a broken trendline and daily resistance.
We can see that UC is ranging in green box and between two minor resistances.
For a clear upside movement i'm awaiting box + minor support break and retest (As you ...
Big time frame downtrend, for those who missed the weekly Bear Bat on my previous post, this is a potential retry point.
Entry: 1.3370
SL: 1.3407 (-37pips)
TP1: 1.3301 (+69pips)
TP2: 1.3254 (+116pips)
To consider extended target based on my analysis on the weekly chart:
Do like and ...
Favored trades this week: EUR/USD, USD/CAD, GBP/USD, GBP/JPY, GBP/CAD and EUR/CAD. Specific break points are associated to EUR/NZD and EUR/CHF. EUR/AUD and GBP/CHF no giant thrills.
2 way trades offered again, this week USD/CAD, EUR/CAD, EUR/AUD and GBPJPY.
USD/CAD Break point 1.3259, below targets 1.3122, 1.3078 and longer term 1.2758. Deep caution this week at ...
Hello Traders ,
USDCAD seems to move towards upside to test 50 Daily MA for resistance, and if passed could move upto 1.34 level before finding resistance from 20 BB MA , we will be remaining LONG on this pair till ascending Trendline on 1hr/4hr chart is intact , as overall bias is SHORT we will be looking to SHORT positions on break of TL towards 1.30 Level.
The US Dollar vs. the Canadian Dollar is a very popular currency pair due to the extremely large amount of cross border trading that occurs between the U.S. and Canada. The CAD is considered to be a commodity currency because of the large amount of natural resources, especially oil, that are mined and exported to southern neighbors. The USDCAD is one of the most traded currency pairs in the world.
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