USDCAD - SWING - 02. JULY. 2020Welcome to our weekly trade setup ( USDCAD )!
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1 HOUR
Very bullish price action after breaking below main sr level.
4 HOUR
Expecting this move to be a fake out.
DAILY
Overall bearish market, good short entries!
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FOREX SWING
SELL USDCAD
ENTRY LEVEL @ 1.36230
SL @ 1.37030
TP @ 1.35110
Max Risk. 0.5% - 1%!
(Remember to add a few pips to all levels - different Brokers!)
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Have a great week everyone!
ALAN
Usdcadsell
USDCAD potential bounce!
USDCAD expected to reverse up to 1st support at 1.35472 where it could potentially react and bounce to its resistance at 1st resistance at 1.36187.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
understand the risks.
USDCAD to climb from upside confirmation, potential bounce!
USDCAD to climb from its upside confirmation at 1.36187 where it could potentially bounce further to 1.37167.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
understand the risks.
USDCAD holds below the 1.36675 level, downward pressure aheadStrictly from a technical standpoint, we're seeing the 1.36675 level fail to hold. Price has tried to trade above this level multiple times, but each time it has dipped quickly below it. The initial target is at 1.3515 with a more optimistic outlook down to 1.3384 even. Won't be going too much into how I plan on scaling this trade, but we'll be observing the price action at the initial target to determine if we need to close out.
Short $USDCAD against 1.3750Hello Sophisticated Trader,
Last week long on the USDCAD worked out amazing and the pair has reached a key resistance. Therefore, this week we are looking to Short $USDCAD against 1.3700 as the pair seemed to have rejected the resistance. This potentially leaves the downside vulnerable this coming week, especially towards the end of the month. Any other spike should be considered as a short for a test of the low. Only a daily close above 1.3750 would negate the coming downside.
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USD/CAD Technical Analysis
The counter has formed a bearish cypher pattern.
Further, it has formed an evening star pattern in the hourly chart at the highs.
A down move from here has a good chance to create a descending channel/bullish flag pattern from here.
Hence, we expect the pair to be bearish in the near-term.