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Don't miss the great buy opportunity in USDCADTrading suggestion: . There is a possibility of temporary retracement to suggested support line (1.3525). if so, traders can set orders based on Price Action and expect to reach short-term targets. Technical analysis: . USDCAD is in a range bound and the Resumption of uptrend is expected. . The price is below the 21-Day WEMA which acts as a dynamic resistance. . The RSI is at 51. Take Profits: TP1= @ 1.3665 TP2= @ 1.3725 TP3= @ 1.3820 SL= Break below S2 ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated! ❤️ 💎 Want us to help you become a better Forex trader ? Now, It's your turn ! Be sure to leave a comment let us know how do you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
Long
by ForecastCity
37
Intraday ShortMN-W1 price above ema-20/50/200. D1 price is above ema-200, price appears to be consolidating on as ema-20/50 are intertwining with consolidating falling wedge pattern. Price has bounced back several times from the high of 24-03-20, each time before reaching its price target a correction appears suggested by price trending above H4-ema-20/50. D1-MACD bearish with increase in divergence. H4-MACD bearish with increase in divergence. H1-MACD bullish with increase in divergence, however price is still below ema-20/50/200. This could suggest possible oversold condition on -H1 meaning a correction is due on the shorter timeframe before resuming bearish trends. From the bearish trend starting 05-06-20 price has constantly respected the 5m-ema-20 breaching it and testing 5m-ema-50, however, recently price has now gone as far as testing the 5m-ema-200 and reversing with the equal support from the macd which was not the case previously. 1) SELL -H1: Market Execution Stop Loss: 1.5160 Take Profit: 1.5060 2) If price is still in its correction stage, wait for price to move above 1.5190 which 15m-ema-200 which may be prices next target. SELL -H1: Sell Stop: 1.5190 Stop Loss: H1-ATR above entry Take Profit: 1.5060
by Leoryder
USD/CAD in Descending Triangle again!Hey, I am back with another Forex chart, today looking at USD/CAD pairs. As I said on Monday, I will from now on post a daily analysis each working day for Forex pairs, so don't forget to follow me for more! Some boring words. Major pairs have seen today strong moves as DXY has been showing some red moves so it's not that easy to find a good trade, because most USD pairs have turned their Daily EMA trend into uptrend and shorting them would not be the best idea, only as a Pullback short and I am definitely not going to FOMO into a green candle. Okay, but now about USDCAD. USD/CAD is in a descending triangle while in daily EMA's downtrend, this is a bearish formation confirmed by a Daily EMA's, best entry would be at the downtrend line, if the downtrend line gets broken, I will post an update. Again, risk reward higher than 3:1 as I like to trade. Don't forget to follow me, to not miss out on a good trade opportunities😉 Each "agree" is very much appreciated! 🙌
Short
by TiborVrbovsky
USD CAD - A possible Triple Play?A Triple Play on Baseball is when three baseman from the team on defense manage to eliminate three offensive players that are trying to reach their bases, closing the inning. We have an analog situation here on the USD CAD, where we have 3 setups on sight at the same time. The first one is in the daily chart, a Descending triangle in orange, that if manage to pull a breakout, (with volume) has as target the price level of 1.33565, with a stop-loss placed above the downtrend that validates the triangle pattern. The second and third one comes from a Double top at the Monthly chart, formed by the first top in January of 2016 (1.46899), and the second one in February of 2020 (1.466740). Bullish Scenario: If the price manages to break out above these levels we might have a significant bullish movement ahead, considering its importance on the chart. The target for this situation is unclear for now, but if the price goes this way I will post a target in an update, once a clear movement shows up. Bearish Scenario: However, if this Double Top confirms its Bearish bias by breaking the level of (1.20613), the USD CAD tends to bleed out to (0.94552) that would be the target of the Double Top pattern. This study aims to serve as a map to the pair since the breakouts mentioned above can heavily impact movements on lower time frames. Now let's look into the current situation of the Canadian economy to try to have a better understanding of the movements that the chart is presenting to us, on my profile here on the Tradingview you already can find a long term study about the DXY, so I'm gonna skip the U.S Dollar situation on this study. The Canadian Dollar is the short/medium term has some key upper hands over the U.S Dollar (Bearish for the USD CAD), mostly because how the country has been handling the Coronavirus crisis, managing to flat the infection and death curve, more efficiently than its neighbor the United States, that holds the Worst Place on the crisis, surpassing more than 1.5 million infected and with almost 100 thousand deaths, the Canada success lies on the united response from the government, the conscientization of citizens in respect the public health and the Canada characteristic of having a low density of population. This success in the combat of the pandemic has made the Canadian consumer confidence recovers faster than the U.S, showing that the Canadian economy it's turning in an attractive place for investments now. In the long run, Canada still slushing to show real signs of economic recovery (Bullish for USD CAD), since the Canadian economy was already weakening before this pandemic, partially because of the lack of unit under Trudeau administration, since he didn't manage to obtain the majority in the Canadian Parliament in the last elections and that it's creating a lot of politics noisy, which difficult to attract foreign investment. The Bank of Canada is other responsible for this situation since the Governor Stephen Poloz has follow half of the steps of Jerome Powell on FED, to assist the economy, considering that Poloz has cut the CAD interest rate at the same rate of the U.S, without the level of stimulus that the U.S government is injecting behind. Creating an environment of shock, since the abrupt rate cuts and lack of further meaningful monetary police left Canadian banks acting on their own to try to balance the reality. Situations that put the Canadian economy in a bitter spot right now, and significantly increases the challenge ahead for the country to recover. So, looking at all these facts we can conclude that the most likely plays to come out here it's the Descending Triangle since the short term looks bullish for the Canadian economy, but in the long term for now the Bullish breakout of the Double top looks more feasible to happen. We can expect the Bearish Scenario of the Double top, only if Canada manages to make a significant change in its economic perspective now. Alert: May 29, 2020 - its an important day for the USD CAD, since the Canadian government will unveil several important GDP data, that cand heavily impact the movement of the price. After the results come out I will make an update here to analyze if changed the perspective of the study Summary of this study: 1- Descending Triangle: Target -1.33565; Stop - Above downtrend. 2 - Double Top (Bearish outlook): Target - 0.94552; Stop - Above 1.20613 (look for an SMA to place in a safer place) 3 - Double Top (Bullish outlook): Target: Unknown; Stop- Below the double top 1.46674 (Same rule here, look for a technical point below this level) Please feel free to share your comments and perspectives below, I'm still grinding my way to improve my analysis, so all feedback is welcome. "A baseball game is simply a nervous breakdown divided into nine innings." - Robert Earl Wilson
by Ikaro_Soares
2
ANALYSIS ON USDCADHello my fellow traders, hope you all are making some profits. We are here with our new analysis so that we can increase those profits for you. Let’s get into the analysis. As we can see, the pair gave a breakout from its symmetrical triangle. As per our analysis it will go down, but it might also retest first. Let us know your views on this in the comment section. Thank you all. There is good news for our followers. We will be analyzing on-demand. So let us know which pair you want our analysis on and we will get it for you. Do like and follow us. Ryan.R..Lopes
Short
by Ryan_lopes
AUDCAD CLOSE TO ITS RESISTANCE Hello my fellow traders, hope you all are making some profits. We are here with our new analysis so that we can increase those profits for you. Let’s get into the analysis. As we can see that the pair is close to its resistance it will fall down as per our analysis. Let us know your views on this in the comment section. Thank you all. There is good news for our followers. We will be analyzing on demand. So let us know which pair you want our analysis on and we will get it for you. Do like and follow us. Ryan.R..Lopes
Short
by Ryan_lopes
4