USD/CAD has risen just over 4% since its YTD low set in July. And it did so in a relatively straight line. Yet a double top has now formed on the daily chart beneath the April and May highs, with the second ‘top’ coming in the form of a bearish engulfing / outside day. This likely points to at least a minor top over the near-term. Any low-volatility moves towards...
Last night, the Bank of Canada decided to raise its interest rate by 25 basis points, bringing it to 4.75%. This move came after a pause in the tightening campaign during the two previous meetings. As a result, borrowing costs reached a level not seen in 22 years. Because most of the market, approximately 60%, expected interest rates to remain unchanged, the...
-False Breakout -Mini Accumulation on the support level that tried to become resistance -Return on the range SL below the accumulation low TP on the other edge of the range 2.46 r/r
I am looking to short USDCAD, Let's see how it plays out. Looking to see that the resistance zone holds. Share your thoughts too!
USDCAD buying opportunity sooner or later with 1.20 psychological level well protected. Currently trading at a reversal point between 1.2025 - 1.2050. Its a good risk to reward ratio trade entering here.
Market's been trading in this descending channel since January and right now in a bull leg putting pressure against the resistance trend line. If we are to see more USD strength (the dollar has been on a tear lately), then this could be a nice breakout setup. Watching that 1.26 level like a hawk...
Invalidation : 1.38595
Weekly Deep Gartley. No analysis im charting because im bored! OANDA:USDCAD
USDCAD found resistance @ 1.31700 Assuming five structure has been completed, i'm expecting a-b-c correction before we continue buying this pair as long as market above KEY LEVEL. Critical level : 1.29533
USDCAD has been trading within this 4 hour trading channel for some time now. After a strong push away from its resistance last week we can expect to see more downside on the pair with a target of approximately 1.29. The pair has broken out of its mini trend within this channel and retested its trend line as confirmation. A close above 1.315 will mean the short is...
The USDCAD is in my opinion in a WXYXZ formation. There, the loonie is already in the X2 and should form a abcde correction. This is already in the final stages and should fall within the e at least 1.25 or lower, which is a very good move for a currency pair. At 1.20, the e and thus the X2 could find its end. Once this has taken place, a strong devaluation of the...