Get started

Usdcadforecast

USDCAD | A BEARISH REVERSAL?USDCAD | BEARISH REVERSAL USDCAD has formed a short term top at 1.33084 where daily closing gives a rejection candle indicating a bearish reversal sign. On the shorter timeframe, the USDCAD has shown multiple bearish sign which gives weight for further downside atleast for short term (if not reversal) 1. Formation on Head and Shoulder Pattern Head n Shoulder is a reversal pattern and is more effective when formed near top resistance after a bullish rally. In our case, we have seen good bullish rally in USDCAD then testing the top and failed to break above it. Since the formation is on lower timeframe the pair can move short term in downward direction. 2. Break of Key Support Trendline. USDCAD has been respecting the key level of rising support trendline where every time price moves in the direction of trendline, bulls give respect to it and raise the price from there. But recently we have seen a clean break below from trendline indicating the bulls are exhausted and might remain absent from the scene atleast for the shorter term. 3. Appearance of Bearish Divergence on Key Resistance Divergence has always been a key indicator in catching the bullish/bearish reversal specially after forming on top. This time the divergence has appear on RSI where price is making higher high and indicator is making lower high; a sign of bulls tiredness. We may see a fall once the highlighted support is broken TRADE PLAN: One can adopt sell on strength strategy with just 50 pips stoploss from the current level. First Target is 70 pips below the current level while one can play for further downside if bulls remain absent from the scene. Let us know what do you think of the idea in comment sections.
Short
by TradeTrio
6
USDCAD - FUNDAMENTAS WITH TECHNICAL LEVELS#USDCAD USDCAD is going up quite a bit right now. The reason for that is that OIL is slightly DOWN and the US CPI DATA is very good. So now USD has become very STRONG. SENTIMENT related to USD became WEAK in recent days. But now with good DEMAND for US YEILD, USD is moving UP. Due to this reason, STOCKS can continue to move DOWN SIDE if the USD goes up like this. Right now, the USDCAD market is BUYing very well towards the UP due to US DATA and UPDATES being POSITIVE. We think it will go up to the 1.3320 level before going down again with the MARKET RISK OFF SENTIMENT. Somehow USDCAD will likely get SELL up to 1.2879 LEVEL. We wait until the DOWNSIDE TREND CONTINUES. FOLLOW THE STRUCTURE GIVEN.
by benny_marshall