USDCAD Bears Almost Ready
Updated
Price has nearly reached the entry point based upon signals retracing the trend down from May. Current action is attempting to form a rising wedge to offset bullish momentum generated from the up trend from October lows, and more recently bullish action from early December.
I imagine this trade will need to distribute a bit more as weekly momentum has been relatively bullish over the past six weeks. If stops are taken, meaning a significant close above the highs from May 2017, I would then reassess and consider previous levels of significant support generated from the down trend established from the Jan 2016 highs.
Over the longer term I expect new lows below the 1.20 level, if and ONLY IF, May highs are not taken out.
Monthly Perspective:
Weekly Perspective:
I imagine this trade will need to distribute a bit more as weekly momentum has been relatively bullish over the past six weeks. If stops are taken, meaning a significant close above the highs from May 2017, I would then reassess and consider previous levels of significant support generated from the down trend established from the Jan 2016 highs.
Over the longer term I expect new lows below the 1.20 level, if and ONLY IF, May highs are not taken out.
Monthly Perspective:
Weekly Perspective:
Trade closed: target reached
First short term target reached.Trade closed: target reached
Target #2 reached.Note
How many more targets should we wait for?Trade closed: target reached
First Swing Target Reached. Good spot for some profits.
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.