USDCAD inverted head and shoulders pattern has formed in H1
Updated
USDCAD
After reaching the 1.30000 Mark this pair has rejected the downtrend and gone bullish up to 1.31600
At this level the inverted head and shoulders are formed which is a clear sign of bullish correction
The price has broken the right side shoulders and stalled at 1.31600 which acted as a resistance for the bull. 1.31500 is a confluence zone which is also a price action level. And trend reversal area.
In Elliott wave analysis the second wave is completed and the third wave is in formation stage. And the 100,200 exponential moving average is also acting as a major resistance for the bull. Currently the price is trading below the 1.31000 level.
Buying order may place at this level and the potential take profit will be 1.32600. Stop lose may place below the 1.30000 level.
In this week we are expecting the bank of Canada will hold the rate and will take a dovish stance which will weaken the loonie.
And in previous week the oil was felled very much this will also Influence the price action of Canadian dollar
Please give us a thumbs up if u like our work and do follow us so that you can get a regular update about upcoming setups and ideas
Disclaimer
It’s not a financial advice. Do the analyze and take a decision.
After reaching the 1.30000 Mark this pair has rejected the downtrend and gone bullish up to 1.31600
At this level the inverted head and shoulders are formed which is a clear sign of bullish correction
The price has broken the right side shoulders and stalled at 1.31600 which acted as a resistance for the bull. 1.31500 is a confluence zone which is also a price action level. And trend reversal area.
In Elliott wave analysis the second wave is completed and the third wave is in formation stage. And the 100,200 exponential moving average is also acting as a major resistance for the bull. Currently the price is trading below the 1.31000 level.
Buying order may place at this level and the potential take profit will be 1.32600. Stop lose may place below the 1.30000 level.
In this week we are expecting the bank of Canada will hold the rate and will take a dovish stance which will weaken the loonie.
And in previous week the oil was felled very much this will also Influence the price action of Canadian dollar
Please give us a thumbs up if u like our work and do follow us so that you can get a regular update about upcoming setups and ideas
Disclaimer
It’s not a financial advice. Do the analyze and take a decision.
Trade active
The price was moving accordingly to our predictionWith +120 pips
Trade closed: target reached
Target acheived with +200 pips
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Disclaimer
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