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Usdcadsetup

USDCAD STILL HOLDING SHORTS UPDATE!Firstly I apologies for my voice I'm currently trying not to lose it LOL, anyway I've still got my short trade open but moving stops to breakeven, we seen price get a bit choppy Friday and I do expect weakness from the dollar... so a sell off or push down on USDCAD I feel is coming, the hard part is getting the best position with the lest risk. Ill monitor price at the start of the week and if I get stopped at break even I will start to map out next short areas.
Short
by jamison_fx
12
Is the channel going to hold for the USDCAD?The dollar cad tested the bottom of the channel like we predicted and moved up higher, it has now tested the top of the channel and faced some rejection, are we going to see a break out? BEAR CASE Until proven otherwise, our bias is to the downside. We expect to see it test the bottom of the channel once more and if it faces rejection there or before there, we know a major upmove is coming for this pair. BULL CASE If a breakout happens, we're targeting 127 to put up some resistance.
by IkanBilisCapital
Potential cup and handle formation on daily (USDCAD)Pair: USDCAD Timeframe: Daily Position: N/A Sentiment: Bullish TLDR: Cup and handle formation on USDCAD. Looking for long above 1.2495 level given proper handle structure to 1.2800 (previous level of supply). Outlook: Pair has been in a downtrend, but a recent move in the middle of June looked to reverse the trend. Looking back at that move, we can see there appeared to be a cup and handle formation that led to a sizable rally. Using the previous pattern as reference, we can look to the most recent set of daily candles and see a somewhat, albeit smaller, cup-like shape forming. Combine the pattern with relative strength in the general dollar, and the recent selloff of oil and we could either see a strong breakout, therefore creating a short handle and strong move to the upside. Or consolidation creating a proper handle, then a move to the upside. Things to keep in mind: - We are still under the 200EMA, which could provide resistance. Price could also drag along to meet with the 200EMA and start forming a handle from there. - Dollar strength could slow down and oil could have a resurgence thus shifting the power dynamic between USD pairings. Key numbers: I'll be looking at using this point or the area around it to establish a long position should the proper handle structure present itself. This is where I expect the bottom of the handle formation to be. While this is an area of interest that could serve to invalidate the trade, this will not be where I place my stop. Is where I will most likely place a stop. I want to give the potential handle formation some breathing room. Adjust position size accordingly to account for risk levels. TP1. I would want to see any successful cup and handle pattern to return to the previous supply areas. TP2. I don't necessarily think a move to this area would be smooth or quick. But, I would still keep this area in mind should the cup and handle properly form. Timeframe: This is a longer term trade. Should a successful cup and handle pattern form, it's probable the trade takes anywhere from 20 to 60 days to complete. However, things usually don't go as planned, so it will be more important to simply follow and listen to the price action, volume, patterns, and key areas. Disclaimer : This content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained in this post constitutes a solicitation, recommendation, endorsement, or offer by cprice253 to buy or sell any securities or other financial instruments in this or in in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.
Long
by C_Price