The table above describes all possible pattern variations: harmonic gartleys, advanced gartleys, pesavento gartleys, harmonic bats, advanced bat and UG. If you look closer the range of ratios covers everything.
Now, let's go into some details...
1) Intro
In this test the patterns were found and drawn by MPS. The algorithm of swing identification was set to...
USDCAD bounced nicely off its support at 1.3247 (61.8% Fibonacci retracement, horizontal pullback support, 100% Fibonacci extension) where it could potentially bounce to its resistance at 1.3381 (61.8% Fibonacci retracement).
Stochastic (89, 5, 3) is bounced off its support where a corresponding rise could occur.
Trading CFDs on margin carries high risk....
USDCAD had a nice Sell rejection yesterday on the Daily chart.
This is caused by the massive rejection on CAD and not USD. (See daily CAD weighted average below) As you know we are bearish on CAD and yesterday CAD for the second time was unable to break the most recent resistance and it is more likely to see further...
USD/CAD rejected support level
Price Movement
Since yesterday, USD/CAD moved down by around 70pips before moving back up by around 90pips.
Trend
Overall, USD/CAD is trending upwards.
Important Issue
None.
Technical
Yesterday, USD/CAD tested and rejected the support level of 1.32800.
Price Levels
Current Price: 1.33403
Next Resistance: 1.34500
Next Support: 1.32800
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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