USDCAD is moving in the local descending channel.
The chart reacted 4 times with an immediate decline on reaching the upper boundary of the channel.
The price is still under strong resistance coinciding with the 88.6% retracement level.
We expect a pullback from the upper boundary of the channel.
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Share your opinion in the comments and...
This afternoon, US and Canadian markets face important data that could move the needles in a bearish direction for the greenback. Unemployment, non-farm payrolls and US government wages figures are particularly prominent, against expectations of improving Canadian employability in the face of a bearish outlook in the US. This could drive a strong revaluation of...
Hey Traders,
After CAD employment data just came out, USDCAD is further moving down.
We arriving at level of Key Technical bias, with ISM US News awaiting.
Watch for more.
There's high impact news at 8:30am est so reduce your risk .
Weekly : Bullish
Daily : Bullish
4 Hour : Internal structure bullish
A break above 1.35890 can send UC flying
Due to the breaking of the support trend line and penetration at the level of 88.6%, a warning about the downward trend has been created.
On the other hand, according to the price reaction and the recent upward wave, the triangle pattern is expected to form according to the specified path.
If the level of 161.8% is broken, the continuation of the upward trend is likely
USD/CAD is heading towards a pullback resistance which has been identified as a pivot point. Could price potentially stall around this level before making a bearish reaction to drop lower towards the 1st support?
Pivot: 1.36134
Support: 1.35220
Resistance: 1.36569
Risk Warning:
Trading Forex and CFDs carries a high level of risk to your capital and you...
USDCAD, heading to a key level of 1.35800… This will be 4 taps on this level, providing a nice noticeable double top. Looking to see price react to this level and drop. If you invert the chart (alt + I) you can see a double bottom, (just for another form of confirmation). My overall target will be back down to level 1.34900
Aggressive buys to from weak to string hand FOREXCOM:USDCAD s.... On the 4hrs we are clearly in a distribution phase... Expecting to see the market come down aggressively later on
USDJPY did exactly what was explained in my first break down. I'm still sell biased and i feel like NFP is only going to push price to the downside also so everything should work in my favor.
The USD/CAD currency pair is offering a significant opportunity for a 320-pip short trade, with the supply zone identified between 1.35500 to 1.35700. This supply zone indicates an area where there is likely to be substantial selling pressure, making it an attractive zone for traders looking to initiate short positions.
The USD/CAD pair represents the exchange...
The USD/CAD pair on the 4-hour chart is showcasing several bullish signals that suggest a potential reversal to the upside is imminent. As traders, it's crucial to decode these signals to position ourselves for the upcoming movement. Here's a breakdown of the technical indicators currently in play:
Regular Bullish Divergence
The pair is exhibiting a classic...
Hello Everyone,
The USD/CAD pair continues to exhibit indications of potential bullish momentum, with current sentiment favoring further upward movement. This sentiment is bolstered by the strong support observed on 1D. Moving forward, sustaining the 1-month pivot point as a resistance level is crucial to facilitating additional downside...
