Usdcadidea
USDCAD dropping perfectly, remain bearishSell below 1.3482. Stop loss at 1.3543. Take profit at 1.3387.
Reason for the trading strategy (technically):
Price continues to drop perfectly towards our profit target and has made a nice bearish exit signalling that a change in momentum is expected. We remain bearish looking to sell below 1.3482 resistance (Fibonacci retracement, pullback resistance, swing high resistance) for a further push down to 1.3387 support (Fibonacci extension, horizontal swing low support, Elliott wave theory).
RSI (55,5,3) is seeing strong resistance below the 55% level where we expect to see further bearish movement. We also see a recent bearish exit signalling that a change in momentum to bearish is expected.
USDCAD remain bearish below major resistanceSell below 1.3540. Stop loss at 1.3595. Take profit at 1.3431.
Reason for the trading strategy (technically):
Price is seeing major resistance below 1.3540 (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance, Elliott wave theory) and we expect to see further bearish movement below this level to at least 1.3431 support (Fibonacci retracement, horizontal swing low support).
RSI (55,5,3) is seeing strong resistance below the 55% level where we expect to see further bearish movement.
USDCAD - COMING DOWNTOWN! Price just this past week hit a key support area on the daily chart, now we just need a little bit of patience for price to give us the right confirmation for it to come to show signs of continuation to the downside. BE DISCIPLINED AND WAIT!
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USDCAD Weekly View: Remain bearishSell below 1.3180. Stop loss at 1.3600. Take profit at 1.2500.
Reason for the trading strategy:
We remain bearish below 1.3180 resistance (Fibonacci retracement, bearish pullback) especially with the break of our long term ascending-turned-resistance line signalling a bearish exit to be seen for a drop towards at least 1.2500 support (major swing low support, Fibonacci projection).
MACD has broken a key support-turned-resistance line signalling a drop is expected.
USDCAD: Profit target reached perfectly, time to buy againBuy above 1.3200. Stop loss at 1.2990. Take profit at 1.3600.
Reason for the trading strategy:
USDCAD made a bounce up as expected and reached our profit target once again. We remain bullish above 1.3200 support (Fibonacci retracement) for a push up to major resistance level at 1.3600 (horizontal resistance, Fibonacci retracement).
Stochastic (21,5,3) is displaying strong bullish divergence vs price.
USDCAD Daily Key ElementsUSDCAD major levels of resistance:
1.3600 (Fibonacci projection, Fibonacci retracement, horizontal overlap resistance, swing high resistance)
USDCAD major levels of support:
1.2200 (Fibonacci retracement, swing low support)
1.2040 (Fibonacci retracement, Fibonacci projection, swing low support)
1.1400 (Fibonacci projection)
USDCAD technical indicators:
RSI (34) has made a bearish pullback to its resistance line where we expect another reaction from.
