USDCAD Strongest long-term Sell in the market right now.At the beginning of the year (January 15, see chart below), we made an unpopular bearish call at the time, hinting that the USDCAD pair was approaching its Resistance Zone, hence a multi-year Top was in order:
As you can see, the moment the price hit that Resistance Zone, it got instantly rejected and a new Bearish Leg started, which has extended up to this day. This time we view this on the 1M time-frame where the Support levels are more clearly illustrated.
More particularly, the 1M MA50 (blue trend-line) poses as the first one, in fact it has been holding since September 2022. Our Target is still located at 1.26000, which is marginally above the 0236 Fibonacci level, which has been the 1st Target during both previous Bearish Legs. Also it is where the 1M MA200 (orange trend-line) is headed to, and there are high chances of a long-term bounce there.
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Usd-cad
Bearish drop off pullback resistance?USD/CAD is reacting off the pivot which is a pullback resistance and could drop to the 1st support which acts as a pullback support.
Pivot: 1.3646
1st Support: 1.3555
1st Resistance: 1.3702
Risk Warning:
Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.
Disclaimer:
The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
USD/CAD: Momentum Turns South Again with Fed Cut Bets BuildingDownside risks flagged in a separate trade idea earlier this week finally materialised for USD/CAD, resulting in the initial target being achieved. With the price now trading marginally below those levels and momentum indicators still bearish, another short setup has presented itself.
If USD/CAD continues to hold beneath 1.3650, shorts could be initiated below the level with a stop above for protection. The obvious target would be support at 1.3550, where the price bounced strongly in May.
With market pricing for Fed rate cuts continuing to build, narrowing yield differentials between the United States and Canada, downside is also favoured from a fundamental perspective.
Good luck!
DS
Bullish reversal?USD/CAD is falling towards a support level, which acts as a pullback support just above the 78.6% Fibonacci projection. A bounce from this level could indicate the formation of a double bottom pattern, potentially leading to a price rise toward our take profit target.
Entry: 1.3555
Why we like it:
There is a pullback support levle.
Stop loss: 1.3465
Why we like it:
There is a support level that lines up with the 127.2% Fibonacci extension and the 100% Fibonacci projection.
Take profit: 1.3677
Why we like it:
There is a pullback resistance.
Enjoying your TradingView experience? Review us!
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
Falling towards major support?The Loonie (USD/CAD) is falling towards the pivot, which has been identified as an overlap support and could bounce to the 1st resistance.
Pivot: 1.3690
1st Support: 1.3667
1st Resistance: 1.3747
Risk Warning:
Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.
Disclaimer:
The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
USDCAD: Oil Price Weakness Weighs on CAD – Can USD Capitalize?USDCAD: Oil Price Weakness Weighs on CAD – Can USD Capitalize?
Hello TradingView community!
Today, let's analyze the USDCAD pair, which is showing interesting dynamics as the CAD faces pressure from falling oil prices.
🌍 Macro Drivers: CAD Struggles Amidst Lower Oil, USD Upside Limited
The USDCAD pair is caught in a tug-of-war between the Canadian Dollar (CAD) and the US Dollar (USD):
CAD pressured by oil: The Canadian Dollar has seen its gains trimmed, primarily weighed down by lower crude oil prices. Canada, being a major oil exporter, sees its currency directly impacted by these fluctuations.
Oil prices lower: A recent truce between Israel and Iran is keeping crude oil prices significantly lower (16% below Monday's highs), directly affecting CAD's strength.
USD's limited upside: Despite CAD's weakness, the US Dollar's upside attempts are being constrained by recent soft US economic data and persistent hopes for Federal Reserve (Fed) monetary policy easing.
In summary, USDCAD is seeing a slight upward tick due to a weaker CAD from oil price drops, but the USD's rally is somewhat capped by Fed easing expectations.
📊 Technical Analysis & USDCAD Trading Plan
Based on the USDCAD chart (H4/M30) provided:
Overall Trend: USDCAD is trading within an ascending channel, but shows signs of weakness near the channel's upper boundary. Price appears to be forming a lower high after a previous upward move.
Key Price Levels:
Potential SELL Zone (Resistance): Clearly identified around 1.36989. This is a strong resistance level, coinciding with recent local highs. Selling pressure is likely to emerge here.
Key Support (Potential BUY Zone): Around 1.36734 and further down at 1.36431. The 1.36431 level is particularly significant, aligning with a major Fibonacci level (1.382) and acting as a robust demand area from prior price action.
Moving Averages (EMAs): Price is trading near the EMAs (black, orange, red), indicating a consolidation phase and potential for a significant move.
Projected Price Action: The chart suggests that USDCAD could pull back from the current resistance zone (1.36989) towards the support levels below, particularly 1.36431, before potentially finding buying interest to resume an upward trend.
🎯 USDCAD Trading Plan:
SELL ZONE: 1.36989
SL: 1.37050
TP: 1.36900 - 1.36850 - 1.36800 - 1.36750 - 1.36700 - 1.36600 - 1.36500 - 1.36431
BUY ZONE: 1.36431
SL: 1.36300
TP: 1.36500 - 1.36550 - 1.36600 - 1.36650 - 1.36700 - 1.36750 - 1.36800 - 1.36900
⚠️ Key Factors to Monitor:
Crude Oil Prices: Any significant movements in crude oil will directly impact the CAD.
US Economic Data: Upcoming reports on inflation and employment from the US could heavily influence Fed policy expectations and USD strength.
Bank of Canada (BoC) Policy: Statements or decisions from the BoC will also be a critical factor affecting the CAD.
Trade smart and stay vigilant! Wishing everyone a successful USDCAD trading day!
Bullish bounce off pullback support?The Loonie (USD/CAD) has bounced of the pivot and could rise to the 1st resistance which acts as a pullback resistance.
Pivot: 1.3674
1st Support: 1.3599
1st Resistance: 1.3793
Risk Warning:
Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.
Disclaimer:
The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
Bullish bounce?USD/CAD has bouned off the support level which is an overlap support and could rise from this level too ur take profit.
Entry: 1.3687
Why we like it:
There is an overlap support level.
Stop loss: 1.3668
Why we like it:
There is a pullback support level.
Take profit: 1.3740
Why we like it:
There is a pullback resistance level that lines up with the 50% Fibonacci retracement.
Enjoying your TradingView experience? Review us!
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
Bullish bounce off overlap support?USD/CAD is falling towards the support level which is an overlap support that lines up with the 38.2% Fibonacci retracement an could bounce from this level to our take profit.
Entry: 1.3689
Why we like it:
There is an overlap support level that lines up with the 38.2% Fibonacci retracement.
Stop loss: 1.3647
Why we like it:
There is an overlap support level that lines up with the 61.8% Fibonacci retracement.
Take profit: 1.3815
Why we like it:
There is a pullback resistance level that aligns with the 145% Fibonacci extension.
Enjoying your TradingView experience? Review us!
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
USDCAD is Nearing The Daily TrendHey Traders, in today's trading session we are monitoring USDCAD for a selling opportunity around 1.38500 zone, USDCAD is trading in a downtrend and currently is in a correction phase in which it is approaching the trend at 1.38500 support and resistance area.
Trade safe, Joe.
Bullish rise?The Loonie (USD/CAD) has reacted off the pivot and could potentially rise to the 1st resistance which acts as a pullback resistance.
Pivot: 1.3697
1st Support: 1.3561
1st Resistance: 1.3843
Risk Warning:
Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.
Disclaimer:
The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
Bullish bounce off pullback support?USD/CAD has bounced off the support level which is a pullback support that lines up with the 23.6% Fibonacci retracement and could rise from this level to our take profit.
Entry: 1.3703
Why we like it:
There is a pullback support level that lines up with the 23.6% Fibonacci retracement.
Stop loss: 1.3647
Why we like it:
There is an overlap support that lines up with the 50% Fibonacci retracement.
Take profit: 1.3815
Why we like it:
There is a pullback resistance that aligns with the 145% Fibonacci extension.
Enjoying your TradingView experience? Review us!
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
Falling towards 50% Fibonacci support?The Loonie (USD/CAD) is falling towards the pivot which acts as an overlap support that lines up with the 50% Fibonacci retracement and could bounce to the pullback resistance.
Pivot: 1.3651
1st Support: 1.3581
1st Resistance: 1.3735
Risk Warning:
Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.
Disclaimer:
The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
Bullish rise for the Loonie?The price has reacted off the resistance level which is an overlap resistance and could potentially rise from this level to our take profit.
Entry: 1.3703
Why we like it:
There is an overlap resistance level.
Stop loss: 1.3647
Why we like it:
There is an overlap support level.
Take profit: 1.3857
Why we like it:
There is a pullback resistance level that aligns with the 161.8% Fibonacci extension.
Enjoying your TradingView experience? Review us!
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
Bullish continuation?The Loonie (USD/CAD) is falling towards the pivot which is an overlap support and could bounce to the 1st resistance which is a pullback resistance.
Pivot: 1.3691
1st Support: 1.3666
1st Resistance: 1.3742
Risk Warning:
Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.
Disclaimer:
The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
Bearish reversal for the Loonie?USD/CAD is reacting off the resistance level which is an overlap resistance that lines up with the 50% Fibonacci retracement and could reverse from this level to our take profit.
Entry: 1.3692
Why we lik eit:
There is an overlap resistance level that lines up with the 50% Fibonacci retracement.
Stop loss: 1.3777
Why we like it:
There is a pullback resistance level that is slightly below the 78.6% Fibonacci retracement.
Take profit: 1.3552
Why we like it:
There is a pullback support level.
Enjoying your TradingView experience? Review us!
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
USDCAD is Nearing The Daily Trend!!Hey Traders, in today's trading session we are monitoring USDCAD for a selling opportunity around 1.36950 zone, USDCAD is trading in a downtrend and currently is in a correction phase in which it is approaching the trend at 1.36950 support and resistance area.
Trade safe, Joe.
Bearish reversal off pullback resistance?The Loonie (USD/CAD) is rising towards the pivot which is a pullback resistance that aligns with the 50% Fibonacci retracement and could reverse to the 1st support.
Pivot: 1.3706
1st Support: 1.3599
1st Resistance: 1.3793
Risk Warning:
Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.
Disclaimer:
The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
Potential bullish rise?USD/CAD has reacted off the resistance level and could rise from this level to our take profit.
Entry: 1.3603
Why we like it:
There is a pullback resistance level.
Stop loss: 1.3540
Why we like it:
There is a pullback support level.
Take profit: 1.3704
Why we like it:
There is an overlap resistance level that lines up with the 50% Fibonacci retracement.
Enjoying your TradingView experience? Review us!
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
USDCAD LONG FORECAST Q2 W25 D17 Y25 12:18 GMT UPDATEUSDCAD LONG FORECAST Q2 W25 D17 Y25 12:18 GMT UPDATE
Professional Risk Managers👋
Welcome back to another FRGNT chart update📈
Diving into some Forex setups using predominantly higher time frame order blocks alongside confirmation breaks of structure.
💡Here are some trade confluences📝
✅1H order block
✅HTF 50 EMA
✅Intraday bullish breaks of structure to be identified
✅15’ order block identified
🔑 Remember, to participate in trading comes always with a degree of risk, therefore as professional risk managers it remains vital that we stick to our risk management plan as well as our trading strategies.
📈The rest, we leave to the balance of probabilities.
💡Fail to plan. Plan to fail.
🏆It has always been that simple.
❤️Good luck with your trading journey, I shall see you at the very top.
🎯Trade consistent, FRGNT X
Could the Loonie reverse from here?The price is reacting off the support level which lines up with the 100% and the 78.6% Fibonacci projection and could rise from this levl to our take profit.
Entry: 1.3544
Why we like it:
There is a support level at the 100% and the 78.6% Fibonacci projection.
Stop loss: 1.3516
Why we like it:
There is a support level at the 100% Fibonacci projection.
Take profit: 1.3595
Why we like it:
There is an overlap resistance level that aligns with the 50% FIbonacci retracement.
Enjoying your TradingView experience? Review us!
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
Bearish continuation for the Loonie?The price has rejected off the pivot and could drop to the 1st support which acts as a pullback support.
Pivot: 1.3725
1st Support: 1.3430
1st Resistance: 1.3837
Risk Warning:
Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.
Disclaimer:
The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
Bearish drop?USD/CAD has bounced off the support level which is a pullback support that lines up with the 138.2% Fibonacci extension and could potentially rise from this level to our take profit.
Entry: 1.645
Why we like it:
There is a pullback support level that lines up with the 138.2% Fibonacci extension.
Stop loss: 1.3624
Why we like it:
There is a support level at the 100% Fibonacci projection.
Take profit: 1.3689
Why we like it:
There is a pullback resistance level that aligns with the 50% Fibonacci retracement.
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