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Canadiandollar

InvestMate|GBP/CAD Declines on the horizon💷💷GBP/CAD Declines on the horizon. 💷This time it's time for GBP/CAD which, in my opinion, gave us a clear signal today on the direction it wants to go in for the next few days. 💷Just look at today's downtrend candle which stands out from the rest in terms of size. And Everything becomes clear. 💷 As you can see, the price has just fallen to the fibo level of 0.786 of the entire upward wave from the 2010 bottom to the 2015 peak. I don't think it represents strong support looking at the dynamics with which we are moving. 💷 The key support will be the zone defined on the chart based on the cluster of two levels. The first level is the fibo level of the entire upward wave from the 1985 bottom to the 1998 peak and the second level is the 1976 bottom. 💷It will be really interesting to see how the price reacts in this support zone. 💷I determined the resistance zone based on the price levels that have provided resistance to the price in the past. 💷The scenario I am playing out is a continuation of the declines to the support zone where I will watch to see how the price will behave. I am aware of the possibility of a correction at any time, this should be taken into account, If the outlook would change I will publish a post with an update, so I encourage you to actively follow the profile and read the description carefully. 💷 *Please do not suggest the path I have drawn with the lines this is only a hypothetical scenario. 🚀If you appreciate my work and effort put into this post I encourage you to leave a like and give a follow on my profile.🚀
Short
by InvestMate
7
InvestMate|NZD/CAD Nearest resistance zone🍁🍁NZD/CAD Nearest resistance zone. 🍁In the current analysis I decided to try to find where the current upward impulse which started with the breakout of the bottom on 10 October, followed by a huge upward wave until now, might end. 🍁 To define a possible good place for a correction, I decided to use the external fibo measure which I led from the current peak to the low we made today. 🍁The nearest possible level is around the price level of 0.8397 where the external fibo measure of 1.272 is located. 🍁It is worth noting that we have again moved out of the uptrend channel, breaking out of it at the upside. 🍁The support zone I decided to determine based on the 0.236 level and you can also see that it was previously very respected. 🍁The scenario I am playing out is to squeeze the price to the resistance level on a wave of optimism. But I am aware of the possibility of a correction at any time, this should be taken into account for this pair, If the outlook would change I will publish a post with an update, so I encourage you to actively follow the profile and read the description carefully. 🍁*Please do not suggest the path I have drawn with the lines this is only a hypothetical scenario. 🚀If you appreciate my work and effort put into this post I encourage you to leave a like and give a follow on my profile.🚀
Long
by InvestMate
21
AUDCAD Close to change directionAlmost a month and a half ago, and the Australian dollar against the Canadian dollar is still on the rise. Will the trend change at the beginning of next week, or is there more rise for this pair? My point: It is an opportunity worth taking and risking (little risk) with a small contract and waiting two to three weeks. In your opinion, will the trend change in the coming days, or is there an opinion of the Australian dollar against the Canadian dollar? The four golden rules of trading 1 Don't be greedy 2 Always use stop loss 3 Never add other positions to the losing positions 4 Use a suitable lot for your account ❤️Please, support our work with like & comment!❤️
Short
by zaidhatem
USDCAD 1D MA50 the key. Buy above, sell below.The USDCAD couldn't have confirmed our bearish view more than a month ago, when we called for a sell opportunity based on the RSI Bearish Divergence (Lower Highs against the price's Higher Highs): As you see the divergence sell signal was spot on and the previous two times that this was spotted, helped us in a great way to spot this. Right now the price is below its 1D MA50 (blue trend-line) inside a Channel Down. The minor rise since November 11, could do the most important medium-term test, the 1D MA50. A closing above the 1D MA50 will turn the pair bullish again targeting the 1.39860 High. As long as the price remains below it though, the strategy remains sell on such rebounds, targeting the 1D MA200 (orange trend-line), which should land within the 0.618 and 0.786 Fibonacci retracement level, which was where the Lows of October 21 2021 and January 13 2022 where made (previous divergencies). Notice that if the 1D MACD completed the Bullish Cross that has started to be formed today, this is consistent with all prior Higher Lows since May 2021 and will favor a bullish break-out. ------------------------------------------------------------------------------- ** Please LIKE 👍, SUBSCRIBE ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support me, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- You may also TELL ME 🙋‍♀️🙋‍♂️ in the comments section which symbol you want me to analyze next and on which time-frame. The one with the most posts will be published tomorrow! 👏🎁 ------------------------------------------------------------------------------- 👇 👇 👇 👇 👇 👇 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
Short
by TradingShot
1
InvestMate|GBP/CAD Time for a correction?💷💷GBP/CAD Time for a correction? 💷Growth in the UK is clearly slowing down the latest economic growth readings for Q3 2022 showed a 0.2% contraction in the economy 💷 In Canada, on the other hand, we await for Q3 data which will be released on 29 November the market is also assuming a contraction of the economy from 0.8% to 0.4% here too 💷 Unemployment in the UK remains low. The latest figures, released on 15 November, put unemployment at 3.6%, up just 0.1% on last reading. 💷In Canada unemployment is 5.2% definitely higher than in the UK, the readings took place on 4 November. Next will be 2 December in which the market is already assuming further increases to levels of 5.4% 💷Inflation in the UK has beaten extremely pessimistic forecasts and at the readings that took place on 16 November we reached a new peak in inflation which is already 11.1%. This does not create the prospect of slowing down with interest rate rises. 💷 In Canada, inflation already peaked in July and has been falling steadily since then. We are currently awaiting the latest data which will be released on 21 November. The market is not assuming anything surprising and still regards the continuation of the downward trend as the basic scenario. Slowing inflation creates room for not-so-rapid interest rate rises in Canada. 💷UK interest rates at the last council meeting which took place on 3 November were raised to 3%, a jump of a full 75 basis points from 2.25% For the time being, there are no signs of slowing interest rate cuts in the UK. 💷 In Canada, interest rates are currently at 3.75 per cent and we will find out on 12 December what the next decision of the monetary policy council will be. Evidently, Canada has fared better than the UK in terms of inflation thanks to previous larger increases. 💷 At the moment Canadian Dollar is more expensive compared to the Pound. But the prospect of further interest rate rises in the UK and a cooling of hawkishness in Canada could bring a strong wave of appreciation of the Pound against the Canadian Dollar over the next few months 💷 Turning to the chart, we can see that the Pound has gained quite a lot against the Canadian Dollar in the last week without any significant corrections. Looking at the situation as a whole, it seems to me that a correction at this point, especially before further increases, would be advisable. 💷💷The best places for a correction for me are two support zones. The first is based on a cluster of fibo levels at 0.236 of the entire upward wave and 0.618 of the current upward wave, which has lasted since 4 November. 💷The second zone is around the 0.786 level of this wave plus the 1:1 level of the biggest downward correction in the whole upward wave since the determination of the new lows. 💷These are the two places I will be paying attention to. 💷Of course, the local resistance zone remains the peak from Friday. 💷The scenario I am playing out is a gradual descent of the price lower and lower taking into account the corrections along the way, then I will look to see what the situation is and to which support level the price will fall. In order to find a future turning point and a continuation of the uptrend 💷*Please do not suggest the path I have drawn with the lines this is only a hypothetical scenario for further increases. 🚀If you appreciate my work and effort put into this post I encourage you to leave a like and give a follow on my profile.🚀
Short
by InvestMate
1
InvestMate|EUR/CAD Correction time💶🍁💶🍁EUR/CAD Correction time. 💶🍁 Looking at the fundamentals: 💶The economy in the Eurozone, according to the latest readings taking place on November 15, grew by 0.2% quarter-on-quarter in the last three months from September 2022. This is the sixth consecutive quarter of growth, worth noting that this is the weakest quarter in terms of growth compared to previous quarters. Also worth noting are the European Commission's views on the future performance of the economy. They warn of an impending recession which is expected to begin in the current quarter, and we may not see increases until next spring. All due to rising inflation and Russia's aggression in Ukraine. Which has caused Energy price increases across Europe 🍁 In Canada, on the other hand, the latest readings that have taken place are for the second quarter in which the economy grew 0.8%, which means maintaining the level relative to previous readings. This is the fourth quarter in a row in which we have recorded increases. The next readings will take place on November 29. The accumulation of business inventories, investments contributed most to the increases for the latest readings. It is also worth noting that an increase in consumer spending also contributed to the increase. On the other hand, growth was undermined by high imports of products from abroad at 6.9%, far outpacing exports at 2.6% 💶 Unemployment in the Eurozone stands at 6.6%. These are better results than before, at the Nov. 3 reading for we recorded a 0.1% drop from previous readings. The next reading will be on December 1. 🍁Canadian Unemployment at 5.2% levels with no sharp changes, the reading took place on November 4 and was exactly the same as October 7. 💶The market in the Eurozone expected inflation to break through recent peaks, with a reading of 10.6% on November 17. This was up from the previous level of 9.9%. The next readings will be on November 30. 🍁 In Canada, inflation is clearly declining. From the peak set in June at levels of 8.1% we scored a drop to levels of 6.9% at the last readings which took place on November 16. The next one is on December 21, and there's no sign that the downward trend is about to reverse. This favors a future slowdown in interest rate hikes, which will weaken the Canadian Dollar against other currencies. Especially compared to the Euro on which the situation is reversed 💶On 27 October we saw a jump in interest rates in the Eurozone to 2% just as everyone expected. This was an increase of 75 basis points from levels of 1.25% 💶Combined with inflation hitting new peaks, it's hard to say here that the Euro will have trouble strengthening in the months ahead. 🍁26 October rate hike in Canada was a full 50 basis points to 3.75% Markets assume that the inflation in 2023 could reach 3% where in 2024 it will fall to target levels of 2%. 🍁 If we maintain the downward trend on inflation we can expect increasingly mild interest rate hikes which will turn into reductions after some time. 💶🍁Turning to the chart. 💶🍁After we scored a bottom at 1.28758 almost three months ago from which we started an upward wave that took us to the levels of 1.38757, an increase of 7.76%. 💶🍁In my opinion, in order to continue the uptrend, the ideal time has come to execute a downward correction resulting from the lack of willing buyers at current price levels, as we can see from the last few days in which the price had a clear problem with breaking new highs. 💶🍁The most sensible support zone looks to be a cluster of two levels. The 0.382 fibo level of the entire upward wave and the 1:1 level of the largest downward correction in the current upward wave. The level is further confirmed by looking at the fact that the price has repeatedly on it previously found the fighting zone of buyers and sellers. 💶🍁The resistance zone remains the zone between the last peak and the 1.272 level of the current downward wave. 💶🍁The scenario I am playing out is a gradual decline in price to reach a support zone at which I expect a reaction that may turn into the next upward wave on this pair. 💶🍁*Please do not suggest the path I have drawn with the lines this is only a hypothetical scenario for further increases. 🚀If you appreciate my work and effort put into this post I encourage you to leave a like and give a follow on my profile.🚀
Short
by InvestMate
5
AUD CAD - FUNDAMENTAL DRIVERSAUD FUNDAMENTAL OUTLOOK: NEUTRAL BASELINE Ongoing issues with China’s economy remain a question mark for the AUD. But the continued rumours and speculation of a pivot away from Covid-zero policy has given Chinese equities, China-linked commodities and the Antipodean currencies a boost. The RBA took another 25bsp hike at their previous meeting, sparking some speculation that the bank could be finalizing their hiking cycle sooner than expected. But with Core Trimmed CPI >6.0% the hiking cycle is arguable not close to over just yet. In the week ahead, risk sentiment is always important, but the main driver to watch will be any further developments regarding the China’s potential reopening. We also have Wage and Jobs data, but both will take a back seat to China developments. Take note that positioning remains stretched short which could see outside upside reactions on good news. POSSIBLE BULLISH SURPRISES Data showing China’s growth outlook is improving or surprise announcements of a reduction of strict Covid-zero policies could provide upside for the AUD. As a risk sensitive currency, catalysts that causes big bouts of risk on sentiment could trigger bullish reactions in the AUD. Catalyst that triggers recovery in key export commodities (China stimulus, lifting covid restrictions, new infrastructure projects in China) should be supportive for the AUD. POSSIBLE BEARISH SURPRISES Data showing China’s growth outlook is deteriorating or strong push back from Chinese officials against speculation of a reopening could add additional pressure on the AUD. As a risk sensitive currency, catalysts that causes big bouts of risk off sentiment could trigger bearish reactions in the AUD. Catalyst that triggers further weakness in key export commodities (additional China restrictions, demand destruction) could be negative for the AUD. BIGGER PICTURE The AUD’s outlook remains neutral but is largely dependent on China and whether key commodities like Iron Ore and Coal can stop their bleeding. Until the covid situation and property issues in China improves materially, and until commodities and China’s growth stabilizes, the AUD is best suited for short-term trades in line with strong short-term sentiment. However, the rumours of a potential move away from Covid-zero policy has been a key driver for the AUD. CAD FUNDAMENTAL OUTLOOK: WEAK BEARISH BASELINE Even though most recent jobs print offset all of the jobs that was lost in 2H22, the housing market still poses big risks for the Canadian economy. With a big increase in variable-rate mortgages after the pandemic, lots of consumers will be pressed on their disposable income after mortgages need to be reset (and that is happening while price pressures are still uncomfortably high). Furthermore, despite hawkish comments from Gov Macklem heading into the Oct meeting, the bank surprised markets with a 50bsp hike when markets were pricing in a 75bsp hike. The bank also stated there is increased risks of a recession during 1H23. As a result of this, as well as the fact that the CAD is still relatively close to its cycle high (at the index level), we have changed our bias for the CAD to weak bearish from Neutral. The CAD’s failure to gain any upside even after a slight re-acceleration in both headline and core CPI this week was a clear signal that our fundamental bearish bias for the CAD is correct and we’ll be looking for more short opportunities. POSSIBLE BULLISH SURPRISES Catalysts that see upside in Oil (deteriorating supply outlook, ease in demand fears, OPEC developments) could trigger bullish CAD reactions. As a risk sensitive currency, and catalyst that causes big bouts of risk on sentiment could trigger bullish reactions in the CAD. A bid surprise miss in Wednesday’s CPI should seal the deal for a 25bsp hike and should put more pressure on the CAD. POSSIBLE BEARISH SURPRISES Catalysts that trigger downside in oil (deteriorating demand outlook, ease in supply shortage, less supply constraints, OPEC developments) could be a negative catalyst for the CAD as well. As a risk sensitive currency, and catalyst that causes big bouts of risk offsentiment could trigger bearish reactions in the CAD. A surprise beat in CPI this week could see markets lean towards a 50bsp and support CAD (but we’ll look to fade strength). BIGGER PICTURE The bigger picture outlook for the CAD has shifted to bearish. Given the clear risks to the growth outlook (recent negative econ data, high inflation, stress in the housing market, exposure to a slowing US economy) we think the bias is titled lower for the currency from here. Also, with the currency still relatively close to cycle peaks, and with the BoC close to terminal rate expectations, our preferred way of trading the CAD is lower on clear short-term negative catalysts.
by thunderpips
CAD JPY - FUNDAMENTAL DRIVERSCAD FUNDAMENTAL OUTLOOK: WEAK BEARISH BASELINE Even though most recent jobs print offset all of the jobs that was lost in 2H22, the housing market still poses big risks for the Canadian economy. With a big increase in variable-rate mortgages after the pandemic, lots of consumers will be pressed on their disposable income after mortgages need to be reset (and that is happening while price pressures are still uncomfortably high). Furthermore, despite hawkish comments from Gov Macklem heading into the Oct meeting, the bank surprised markets with a 50bsp hike when markets were pricing in a 75bsp hike. The bank also stated there is increased risks of a recession during 1H23. POSSIBLE BULLISH SURPRISES Catalysts that see upside in Oil (deteriorating supply outlook, ease in demand fears, OPEC developments) could trigger bullish CAD reactions. As a risk sensitive currency, and catalyst that causes big bouts of risk on sentiment could trigger bullish reactions in the CAD. A bid surprise miss in Wednesday’s CPI should seal the deal for a 25bsp hike and should put more pressure on the CAD. POSSIBLE BEARISH SURPRISES Catalysts that trigger downside in oil (deteriorating demand outlook, ease in supply shortage, less supply constraints, OPEC developments) could be a negative catalyst for the CAD as well. As a risk sensitive currency, and catalyst that causes big bouts of risk offsentiment could trigger bearish reactions in the CAD. A surprise beat in CPI this week could see markets lean towards a 50bsp and support CAD (but we’ll look to fade strength). BIGGER PICTURE The bigger picture outlook for the CAD has shifted to bearish. Given the clear risks to the growth outlook (recent negative econ data, high inflation, stress in the housing market, exposure to a slowing US economy) we think the bias is titled lower for the currency from here. Also, with the currency still relatively close to cycle peaks, and with the BoC close to terminal rate expectations, our preferred way of trading the CAD is lower on clear short-term negative catalysts. JPY FUNDAMENTAL OUTLOOK: BEARISH BASELINE In recent weeks, yield differentials of course have been the biggest driver for the JPY with the BoJ keeping 10-year JGB yields capped at 0.25% with yield curve control while other central banks are hiking rates aggressively. However, Japan has intervened in the FX market twice buying JPY and selling USDs. The intervention saw short-term downside in XXXJPY pairs, but as the fundamental remains bearish it’ll take constant intervention to stop the JPY from falling. In the week ahead, focus will remain on any big moves in US yields (especially with further incoming US data). POSSIBLE BULLISH SURPRISES Catalysts that push US10Y lower (less hawkish Fed, lower UC CPI, lower growth) could trigger bullish reactions from the JPY. Any catalyst that triggers meaningful downside in key commodities like Oil (deteriorating demand outlook, ease in supply shortage) could trigger bullish JPY reactions. Any additional intervention from the BoJ or MoF. POSSIBLE BEARISH SURPRISES Any catalysts that push US10Y higher (more aggressive Fed, higher US CPI, better growth) could pressure the JPY. Catalyst that triggers meaningful upside in Oil (improving demand, decreased supply) could trigger JPY downside. Reluctance from BoJ and MoF for intervening around the 145 level in USDJPY could spark speculative buying. BIGGER PICTURE The fundamental outlook remains bearish for the JPY due to yield differentials and the impact of a weaker JPY on the current account balance. As long as US10Y remain elevated and the BoJ stays stubbornly dovish and no currency intervention occurs, the bias remains lower. But take note of positioning which means we don’t want to chase the JPY lower, especially with the risk of further currency intervention should the JPY continue to weaken. The best opportunities for now remain short-term focused on further intervention or strong moves lower in US yields.
by thunderpips
InvestMate|USD/CAD Last rise before the fall.🍁🍁USD/CAD Last rise before the fall. 🍁This time it was time for USD/CAD 🍁As you can see from the chart, this pair has already shown what direction it intends to take for the coming months and it is certainly hard to pin your hopes on further increases here. 🍁 The most sensible option would be to join the continuation of the declines, but in the best possible place. 🍁The ideal place for this would be the resistance zone that I determined based on the 0.382 measurement of the entire downward wave and the 1:1 level of the largest upward correction. 🍁The zone has found solid support which has acted brilliantly as resistance in the past. 🍁 Admittedly, we are already halfway through the whole movement and it is possible that we may not test the area around the 1.332 level again. 🍁 The most important fact in the whole chart remains the resistance zone where I would see an interesting opportunity to take a short position. 🍁The scenario I am playing out is an attempt to attack the resistance zone and then a continuation of the downtrend. 🚀If you appreciate my work and effort put into this post then I encourage you to leave a like and give a follow on my profile.🚀
Long
by InvestMate
6
💵British Pound/Canadian Dollar 💵 Analyze (11/18/2022)!!!It seems The British Pound/Canadian Dollar completed its wave 5 on the resistance zone & resistance line. I expect The British Pound/Canadian Dollar will go down at least to the end of wave 4 after breaking the trend line. 🔅British Pound/Canadian Dollar ( GBPCAD ) Timeframe 1H⏰. Do not forget to put Stop loss for your positions (For every position you want to open). Please follow your strategy, this is just my idea, and I will be glad to see your ideas in this post. Please do not forget the ✅' like '✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
Short
by pejman_zwin
💵U.S.Dollar/Canadian Dollar 💵Analyze (11/04/2022)!!!U.S.Dollar/ Canadian Dollar moved as I expected ✅🤑. U.S.Dollar/ Canadian Dollar is on the way to completing wave C. The end of wave C can be in PRZ(Price Reversal Zone) or the Support zone. Also, we can see a Head and Shoulders Pattern in the chart, which shows the continued downward. 🔅U.S.Dollar/ Canadian Dollar Analyze ( USDCAD ) Timeframe 4H⏰. Do not forget to put Stop loss for your positions (For every position you want to open). Please follow your strategy, this is just my idea, and I will be glad to see your ideas in this post. Please do not forget the ✅' like '✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
Short
by pejman_zwin
2
USDCAD finds initial support, deeper down move eyedUSDCAD fell after completing a bearish Head and Shoulders (H&S) pattern, as expected. Prices are now digesting above support-turned-resistance anchored at 1.3154. Negative RSI divergence points at ebbing bearish momentum, but that need not necessarily translate to reversal. Rather, it may simply flag a consolidative pause before the down move is reasserted. The H&S pattern implies a measured-move objective near the 1.30 figure, which looks likely to bring prices within striking distance of major support dating back to mid-2021 (former resistance zone, rising trend line). Time will tell whether this region will mark the place of longer-term uptrend resumption or reversal.
Short
by IlyaSpivak
2
A very comfortable time to buy in - short termVery beautiful chart from Toronto Exchange Market these days. If you have TSX tickets it is now time to buy in and hold for the uptrend. TSX broke out of the downtrend channel and I have no reason to believe it is a "fakeout". Good indicator support and good trend lines. I'm expecting a small amount of correction between 19400 and 19200 since the RSI index is still very high, but it would not be back in the downtrend channel. Level 0.236 Long Term Trend-based Fibonacci is where I would be expecting a correction. As far as the scope of this analysis goes, I will be adding to my portfolio aggressively. I will do analysis of major tickers affecting TSX in the ext month or so, so make sure to follow me to not miss my analysis on the Canadian tickers!
TSX:TSXLong
by soheilsdgh
CADJPY Accumulation before pump?The CADJPY pair continues to follow our trading plan presented on September 20, as it repeats the fractal of late 2021 - early 2022: As you see, the MACD Bearish Cross was the correct sell signal we needed and the price hit the 0.618 Fibonacci target and rebounded. Right now it appears that the price has entered a consolidation phase similar to the post January 20 MACD Bearish Cross. As long as the Green Support Zone holds, we should expect within a 5 week horizon a break above the September High, targeting the 2.0 Fibonacci extension. A break below the Zone though, shouldn't stop on the 1D MA200 (orange trend-line) but instead target the 1W MA50 (red trend-line) for the first time since December 20 2021. An additional bullish confirmation would be a break of the RSI above its own Lower Highs trend-line, which in more than a year has delivered very strong and rapid rallies. ------------------------------------------------------------------------------- ** Please LIKE 👍, SUBSCRIBE ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support me, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- You may also TELL ME 🙋‍♀️🙋‍♂️ in the comments section which symbol you want me to analyze next and on which time-frame. The one with the most posts will be published tomorrow! 👏🎁 ------------------------------------------------------------------------------- 👇 👇 👇 👇 👇 👇 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
by TradingShot
1
AUDCAD Rebounding with the 1D MA50 being the key to a break-out.The AUDCAD pair has on a 2 day rebound after the pull-back on the 1D MA50 (blue trend-line) rejection on October 27. This couldn't have validated better our previous analysis on September 20: As you see, the 1 year Lower Lows Zone is holding and as long as it does, the price should push for a new Lower High or at least a 1D MA200 (orange trend-line) test. Practically, we can only trade this based on how the 1D MA50 pivots. A 1D closing above the 1D MA50 would be a bullish break-out signal targeting the 1D MA200, while a further closing above it, would target the 1W MA300 (red trend-line) that had its most recent test on April 05. At the same time, the more the price fails to close above the 1D MA50, the stronger of a Sell Signal it becomes, targeting the 1 year Lower Lows Zone. ------------------------------------------------------------------------------- ** Please LIKE 👍, SUBSCRIBE ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support me, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- You may also TELL ME 🙋‍♀️🙋‍♂️ in the comments section which symbol you want me to analyze next and on which time-frame. The one with the most posts will be published tomorrow! 👏🎁 ------------------------------------------------------------------------------- 👇 👇 👇 👇 👇 👇 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
by TradingShot
EURCAD Neutral for now. Resistance and Support for the long-termThe EURCAD pair couldn't have traded better our September 19 set-up as the price broke above the 1 year Channel Down and broke above the 1D MA200 (orange trend-line) for the first time since Feb 07 2022, but got rejected on the 1.37150 Resistance: This Resistance rejection pattern has taken place another two times since September 2021 and until we break above 1.37150, we have to be careful of a bearish break-out. For now the 1D MA100 (green trend-line) is supporting but the slightest break below it, can hit the 1.2870 Support and further break the -0.382 Fibonacci extension (1.25500) as the previous Resistance rejections did. A 1D candle close above the 1.37150 Resistance though, would constitute a complete shift to the long-term trend to bullish and target the upper Fibonacci retracement levels (light blue), which as you see match almost perfectly the Lower Highs of the former Channel Down. It is also interesting to observe the RSI on the 1W time-frame. It is struggling to break above its 1 year Resistance and as long as it does, the pattern shows a drop to the Support Zone. If it breaks above the Resistance though, it would also be a long-term bullish confirmation. ------------------------------------------------------------------------------- ** Please LIKE 👍, SUBSCRIBE ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support me, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- You may also TELL ME 🙋‍♀️🙋‍♂️ in the comments section which symbol you want me to analyze next and on which time-frame. The one with the most posts will be published tomorrow! 👏🎁 ------------------------------------------------------------------------------- 👇 👇 👇 👇 👇 👇 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
by TradingShot
USD/CAD near-term top in place?USD/CAD appears to have completed a bearish Head and Shoulders (H&S) top. Negative RSI divergence bolsters the case for a downturn. The broadly anti-USD response to October's #NFP report may have triggered a breakdown through the H&S pattern's neckline. The measured-move downside objective implied by the setup calls for a test of the 1.30 figure. Clearing resistance at 1.3877 and reclaiming a foothold above the 1.40 figure would probably neutralize selling pressure.
Short
by IlyaSpivak
1