USDCAD longs to top of Channel!
Updated
USDCAD has been consolidating at the supporting trendline of a weekly channel and is currently forming a H&S pattern. Two possible ways to enter would be a pull back to the 4 hour channel around 1.32 evens. or a break of the neck line of the H&S pattern. (@ 1.33500)
Entry would be preferable a closure of a pin bar or engulfing on the 4 hr.
Long term Targets is 1.38
Things to be aware of:
- January monthly closure was very bearish so taking profits at key levels (1.33500) 1.34
- This could be just a pull back to continue further down if USD weakens.
- CAD is bound to get weak if oil breaks below $55. Would confirm the double top.
- The sell off on USDCAD was mainly due to oil prices going back up but it seems to have found resistance at $57.50.
- Link to Analysis on WTICOUSD (Oil) Linked
Entry would be preferable a closure of a pin bar or engulfing on the 4 hr.
Long term Targets is 1.38
Things to be aware of:
- January monthly closure was very bearish so taking profits at key levels (1.33500) 1.34
- This could be just a pull back to continue further down if USD weakens.
- CAD is bound to get weak if oil breaks below $55. Would confirm the double top.
- The sell off on USDCAD was mainly due to oil prices going back up but it seems to have found resistance at $57.50.
- Link to Analysis on WTICOUSD (Oil) Linked
Note
LInk to Oil Analysis
Note
Small Short position entered on resisitance. Price gave a M formation on lower timeframes. 4hr looking likely to close with a pin bar.
Targets defined in market up link.
Note
Got stopped out on this USDCAD short. Did not stick to my trading plan. - Still yet to get a pull back.Will update at the week goes.
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