Weekly chart looks the red line should offer resistance. Looking in closer 4-hour time frame, there are more resistance reasons as shown below. resistance of upper channel resistance trend line (cyan)
Strong break out but price coming too aggressively into lower resistance of former long term channel support. 8:30 numbers will probably be bad, UC was raised up prioor to news to have where to drop it from.
After a new retest of 1.241 UC may go higher. My bias remains bullish
Price about to come back to test this strong resistance. Worth a try just for the rarity of such a combination of events.
I believe this Month - September - for USDCAD will be BLUE and with a Low at 1.23047 and the High at 1.28430. October High will be at 1.27730 so this month should close bellow that point in order to this idea become confirmed. All those waves have the purpose to sync/converge to 1.22030 that I believe will be Low for next Quarter where a great Up will occur up to...
Target 1.2795 Most probable wave solution to get there is using those points.
Looking for a break of this line to the upside and entering a quarter of a position. If there is a retest of the line as a support line, entering in the rest of the position for a long.
While everyone is watching to see whether the 2016 low will act as a support/reversal point, I am also curious for the general direction of this currency pair over the long term. As CAD is so closely tracking USOIL prices, weakness in oil should support weakness in CAD, especially relative to USD, the currency of oil markets. For reference, here is the slightly...
UC should shoot up this week. catching a good 400 pips
If usdcad weekly candle closes below bollinger bands, i am looking at price to continue down around the 1.275-1.283 range. My "alligator" indicator is showing a full open mouth, with potential of more downside. If you look back on the chart, the last few times the candles close outside of the bollinger bands the market usually continues for a minimum of another...
USDCAD potential long/short depends on how this triangle is broken.
USDCAD small short, trend line broke and retested and showing signs of reversal on 1hr tf
Short at the break of the trend lind with SL above recent highs
Sitting beneath a strong resistance line, going to wait for a confirmation of a reversal then enter a short to just above the 0.5 level at 1.32838, it may continue past that but will lock profit at that level and ride it further down.
Entry: 1,34135 S/L: 1,33500 T/P: 1,35030
UC will be long till Jan. 1-4 lets see what pippage we can collect in the meantime. Let the pip collecting begin ladies and gents. Remember pippin aint eady but somebody gotta do it Happy Pippin