Hello traders, this week, there hasn't been much significant movement in the DXY. We've observed two inside bars on the daily timeframe, indicating a period of ranging. Personally, I'm looking for the CPI data to potentially drive the price down. This would align with my interest in selling USDCAD, especially after taking the ERL. I anticipate targeting the next...
USDCAD is approaching an important confluence zone
based on a daily horizontal resistance and a falling trend line.
Testing the underlined area, the price was heavily rejected from that on a 4H
and formed a doji candle then.
I expect a bearish movement now.
Goals: 1.3350 / 1.3325
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Considering the behavior of the price in the current resistance range, it is expected that a trend change will take place and we will see the beginning of the correction process.
Venice is expected to continue the upward trend to Fibonacci levels after crossing the resistance range
USDCAD technical analysis for 10 Jan 2024
Trend : Down
Details : the current prices now ( 1.3380 ) technically consider a good prices for sellers as the pair now in bearish market and there is 2 reasons for pushing the prices down :
1- Down trend Line
2- Daily resistance level
USDCAD (H1)
Appears to have a pattern of narrowing the fluctuation range
(Ignoring Non-farm abnormalities)
Buy now at: 1.33737
Stop loss at: 1.33288
Take profit at: 1.34727
A trading plan should also include a risk management strategy aimed at minimizing the risk of loss and ensuring capital preservation. A trading plan should also include strategies for overcoming psychological challenges such as fear, greed and euphoria, which can often lead to irrational trading decisions.
Hello traders,
Wave 5 is supposed to end at 1.34150-1.34260 zone. Then ABC Correction is supposed to
materialise towards the support zone at 1.33240.
Thanks.
Hello,Friends!
USD-CAD uptrend evident from the last 1W green candle makes short trades more risky, but the current set-up targeting 1.333 area still presents a good opportunity for us to sell the pair because the resistance line is nearby and the BB upper band is close which indicates the overbought state of the USD/CAD pair.
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. Don't forget about stop-loss.
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P.S. I personally will open entry if the price will show it according to my strategy.
Always make your analysis before a trade
Weekly #Forex Idea on USD/CAD. Formed a bearish flag and keeps rejecting this first SPL Box. We are very close to the Weekly Magnet Zone. It might suck it back to the bottom.
Firstly, fundamental economic indicators suggest that the US economy has been exhibiting signs of strength, which tends to favor the USD. Positive economic data releases, coupled with the ongoing efforts to boost economic recovery, contribute to a bullish sentiment surrounding the US dollar. As the USD is the base currency in the USD/CAD pair, any positive...
Hello traders . What do you think for USDCAD ?
I strongly believe the price is time to go up . But have a look 2 things .
1) small head and shoulder is forming and 2) the divergence is bearish .
Before the big wave for buy , we might see the price to retrace a bit up to any specific level of new support zone ( Red line ) and then to go up to Resistance zone...
Yearly: The yearly structure is bearish, exhibiting consolidation with frequent shadow rejections.
Monthly: A downward structure with a consolidation phase and lower lows. The last rejection involved a tweezer top, followed by significant bearish momentum.
Weekly: Although the internal structure is bullish, a closer look at the consolidation range reveals stronger...
