Clear and perfect cup and handle pattern played out on the currency.
The cup and the handle have been formed, but the breakout of the bull flag of the handle did not spread out in a parabolic manner to reach resistance breaking it.
Thus, it does make me think that the support of 0.618 retracement could be tested again since no enough volume has been collected so...
PA suggests a bullish flag on the Pair, the rejection and the support created allow a sustainable RR of more than 1:2.
Pair can be longed now for target shown in the chart.
It is likely that drops a little till the following support.
Bullish bias remains.
Not trading advice
USDCAD setting up for a breakout. For a conservative trade, wait the break of trendline, retest and long.
For an aggressive trade long now at support, since is above daily pivot and RSI is low. Be aware that is not above weekly pivot.
Possible bear trap in next days, this is why SL is placed so low.
As per previuos idea attached, Gold most likely will close in bear today due to the friday hanging man candlestick; top is near, and before the big drop to 1610$, Gold can make a spike to 1765 till the upper trend line and create a pinbar this week to create the upper wick of the weekly candle.
H4 TF is creating multiple hammer candlestick at support and...
Last Friday session has printed on a daily TF a bearish hanging man candlestick pattern, which, even though has a successful rate of 70%, could make a "wake up call" for buyers.
Additionally the great weekly pin-bar printed two weeks ago makes me think that bullish pattern is coming to an end for the medium term, at least till end of June.
On higher TF gold is...
Gold seems like entered in a correction wave (especially a Regular Flat pattern) which has begun on March 9th with the end of 5th motive wave at 1702$.
The subsequent drop, enhanced by the coronavirus fear has drawn the A corrective wave, retracing exactly at the 4th impulsive wave.
Regular Flat pattern forsee a 1.236 wave B respect of wave A which has been drawn...
Currently UC is showing two main patterns which in one case could lead to the same target:
1) Triangle (violet), in this case, due to the multiple rejection at the bottom of the triangle, I will wait to see if breaks out at the top or at the bottom, retest and buy/sell.
2) Downtrend Channel (white), in this case, Pairs will continue to fall.
I'm on the fence...