UCAD Correction to 1.3300 Levels!!
Updated
Here I have USDCAD on the Daily Chart!
Since its High in April @ 1.38461, we have made multiple attempts at breaking this Support Zone @ ( 1.3627 - 1.3615 )
Acting as a Roof, we have a Falling Resistance where Price tested a couple times then brought False Breaks the past 2 weeks with Price dipping down to this Support!!
Based off the High of April and the Failed Attempt at a Higher High @ 1.37434, we are potentially looking at a Correction Wave!!
Now, for this idea to play out, we need price to make a VALID Break Down below this Support Zone! To then find Lower Support making a LOWER LOW confirming price to continue DOWN!!
Upon which we should see price come up to the ( 1.3627 - 1.3615 ) Support Zone to test as RESISTANCE!! Which then will give us our Selling Opportunities!
Based on the Fib-Ext Tool, we could see price Plummet to the ( 1.33278 - 1.32295 ) Range Target!
Since its High in April @ 1.38461, we have made multiple attempts at breaking this Support Zone @ ( 1.3627 - 1.3615 )
Acting as a Roof, we have a Falling Resistance where Price tested a couple times then brought False Breaks the past 2 weeks with Price dipping down to this Support!!
Based off the High of April and the Failed Attempt at a Higher High @ 1.37434, we are potentially looking at a Correction Wave!!
Now, for this idea to play out, we need price to make a VALID Break Down below this Support Zone! To then find Lower Support making a LOWER LOW confirming price to continue DOWN!!
Upon which we should see price come up to the ( 1.3627 - 1.3615 ) Support Zone to test as RESISTANCE!! Which then will give us our Selling Opportunities!
Based on the Fib-Ext Tool, we could see price Plummet to the ( 1.33278 - 1.32295 ) Range Target!
Note
Price breaking through Support was unsustained and we see price moving back up!Using the Fibonacci tool, I see the ( 1.3647 - 1.3633 ) as my Fib Entry Zone for a SELL!!
Trade active
Based on the HIGH @ 1.37434 and current LOW @ 1.36054, price has made a Retracement to my Optimal Fib Entry Zone @ 1.3662 - 1.3654!SELL ENTRY @ 1.3660
SL @ 1.3685
Note
ISM Manufacturing Results are IN!Final ISM Manufacturing PMI - 51.3 Actual v 50.9 Forecast
ISM Manufacturing PMI - 48.7 Actual v 49.8 Forecast
ISM Manufacturing Prices - 57 Actual v 60 Forecast
This all paints a very BEARISH picture for the USD with the Contraction overseeing Expansion on the Final PMI!
Price is currently breaking down on the way to NEW LOWS!
Note
Based on my trading strategy, Price is being contained by what I call the "Kill Zone" @ ( 1.3633 - 1.3620 )If price is unable to Break Lower, we will be watching to see Price make another attempt at my Fib Entry Zone @ ( 1.3662 - 1.3654 ) for possibly another Sell Entry!
Trade active
Added Sell positions @ 1.3654!Trade closed: stop reached
Bad news on the trade setup this morning with prices inability to break down through the "Kill Zone" after the second High in my Fib Entry ZoneWe see price has used the Support Zone and started to create Higher Highs putting the Bearish Bias on the back burner until we see LOWER LOWS!
Note
Fundamentals are setting up Bullish Opportunities!Stand by!!
Note
Based on the HIGH, I am looking at a Fib Entry Zone of 1.3662 - 1.3656 for a test of the previous Highs for a Buy Entry!Note
Note
Now that our Bias is changing to Bullish with BOC lowering their rates tomorrow!We are seeing the High of Price today making a Retracement towards my Fib Entry Zone for some potential Buy Entries!!
Trade active
Buy Entry @ 1.36678On the Touch of our Entry Zone!
Trade active
At work on break so updating idea now!Added Buy Positions to 1.36678 on the second tap!
Price used this level nicely before BOC Rate Cuts Decision!!
Novi_FIbonacci
Telegram - t.me/+l3fTcsZu91ZiZDkx
Telegram - t.me/+l3fTcsZu91ZiZDkx
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.