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Forex-usdcad

Inverse Head and Shoulders patternWhat does an inverse head and shoulders pattern indicate? Inverse head and shoulders pattern indicates the end of bearish phase and onset of an uptrend. Traders enter a long position when the up breaks through the resistance line. They would look for a rise in volume to confirm the trend change. When the inverse head and shoulders pattern forms, traders enter a long position What is Inverse Head And Shoulders? An inverse head and shoulders, also called a "head and shoulders bottom", is similar to the standard head and shoulders pattern, but inverted: with the head and shoulders top used to predict reversals in downtrends. This pattern is identified when the price action of a security meets the following characteristics: the price falls to a trough and then rises; the price falls below the former trough and then rises again; finally, the price falls again but not as far as the second trough. Once the final trough is made, the price heads upward, toward the resistance found near the top of the previous troughs.
Long
by nicotj
USDCAD: Long-Term Swing Analysis 🇺🇸🇨🇦 Hey traders, Since 2020 USDCAD was trading in a sharp bearish trend. The pair lost more than 18% of its value reaching 1.2 structure low. Then the market started to recover: We saw a nice swing up reaching a key weekly resistance and a consequent retracement with a lower high. In December, the underlined blue structure was reached again. It looks like the market is forming a bullish accumulation pattern around that area. To catch the next swing up look for a bullish breakout of 1.295 - 1.305 supply zone. In case of a weekly candle close above that a bullish continuation to 1.34 / 1.37 levels will be expected. ❤️Please, support this idea with like and comment!❤️
Long
by VasilyTrader
33
#USDCAD approaching pivot, potential for a drop! Description On the H4, with price moving below the ichimoku indicator and respecting the current descending trendline, we have a bearish bias that price is doing a trendline breakout pullback and will drop from our pivot at 1.27688 which is in line with horizontal overlap resistance, 38.2% Fibonacci retracement level to 1st support at 1.26187, which is in line with horizontal swing low support. Alternatively, price may rise up to our 1st resistance at 1.28310, which coincides with horizontal swing high resistance, 61.8% Fibonacci retracement level . Pivot: 1.27688 Why we like it: horizontal overlap resistance, 38.2% Fibonacci retracement level 1st Support: 1.26187 Why we like it: horizontal swing low support 1st Resistance: 1.28310 Why we like it: horizontal swing high resistance, 61.8% Fibonacci retracement level Trading FX & CFDs carries high risk.
Short
by VantageMarkets
1
Elliott Wave Analysis: USDCAD Has An Unfinished Five-Wave DropHello traders! USDCAD came nicely down on the 4-hour chart with extended and strong drop from 1.2774, which has characteristics of wave 3 rather than C as the pair also moves very close to the typical 161.8% extension level. As such, we are aware of more weakness after the current consolidation that looks like wave 4, which can be a triangle or maybe more complex recovery to 1.2450 - 1.2500 for 38,2% Fibo. retracement, but in either case, we think that sooner or later bears for wave 5 will resume towards 1.22 - 1.21 area. Trade well! If you like what we do, then please like and share our idea! Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Short
by ew-forecast
4
USD/CAD predicition for the monday (daytrading)Hello traders, USD/CAD, an interesting pair to put on the watchlist for the monday-morning with some coffee. While coffee might be the best part in the morning, the USD CAD pair is also looking juicy. We had an impulsive move down, followed by slow corrective movement and currently testing some levels like expected. Doesnt mean we can allready enter because as you know by now we always look for confirmations to be as sure as possible on the trade. Expecting that the USDCAD will make the next move down after we broke structure down and will retest this structure. Keeping you updated on this one! FOLLOW ME FOR UPDATES :)
Short
by FXT_TL
1
USD/CAD long on the Friday! DaytradingDear traders, Follow me to get updates because daytrading moves faster than normal. We have been watching usdcad very closely, and expect the next move up before the weekend starts. After an impulsive move up, we came down slowly but surely completing 3-waves retracement. Why not enter now? We still have a double resistance, 1 is a counter-trendline, the other is the structure level. So after the break of both, we will put our entry on the retest of structure which will be around the orange area. Have a good weekend and don’t forget to follow!
Long
by FXT_TL