UC
USDCAD M15 Whole day price was in a tight range of 30 pips.
Its broke the resistance, we can go long for 30-50
pips, bc ADR of this pair is around 80 pips.
09/08/2020 USDCAD - WEEKLY PLAY SHORT TF H4Welcome,
Below you will find our trading notes:
Monthly view - BULLISH
Weekly view - BEARISH
Daily view - BULLISH
Previous week LOW - 1.3234
Previous week HIGH - 1.3451
Previous week profile - BEARISH
News this week:
11/08 TUE - 14.30
12/08 WED - 14.30, 16.30
13/08 THU - 14.30
14/08 FRI - 14.30. 16.30
Where to focus:
SELL SIDE SETUPS MAINLY, BUT THERE SHOULD BE SCALP FOR 80-100 PIP UPSIDE
LIQUIDITY BELOW : 1.3200
SUPPORT STRUCTURE : 1.3440 -> 1.3465
SUPPORT HIGHER STRUCTURE : 1.3500 -> 1.3554
LIQUIDITY BELOW : 1.3200, 1.3120, 1.3035
RESISTANCE STRUCTURE : 1.3275 -> 1.3215
Weekly scenario:
We expect pullback to one of our defined support structures, where we'll look for entries short.
If first support structure is broken, then we focus on entries on the higher support structure.
If second support structure is broken, we will move to side lines.
If we'll see push from our short side zones, then first TP is 1.3250 but over all target is below 1.3200
Protection strategy:
SL up to 20 pips above support structure
REMEMBER!
NEVER BE GREEDY AND DON"T FALL INTO EMOTIONS :)
If that was helpful please like and share :)
HAVE AN AMAZING DAY!
ENJOY
USD / CAD to Continue with Downward MomentumDaily Chart
- Forming a head and shoulders pattern with the neckline at 1.35
- Price broke below the 233 period VWEMA, came back retested and rejected it
- Price rejected the 1.37 even within the 50 - 618 retrace level
- Trend RSI broke and has stayed below the 50% level
Weekly Chart
- Major support was broken a few weeks back
- Price has since came back to retest that zone and rejected it, confirming it as resistance
- Next major support will be within the 1.30 price range
- Reversion to the mean at the 233 week VWEMA within that same zone.
- Trend RSI just recently broke below the 50% level
