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CAD

CADUSD broke out the triangle but a strong resistance aheadThe price action was moving within a symmetrical triangle and after hitting the support it made double bottom at the support of triangle. In the meanwhile the price line had also completed the formation of gartley and entered in potential reversal zone moreover the volume profile is also showing a very low interest of people to trade below that area. The double bottom formation and potential reversal zone of gartley and low interest of people as per volume profile produced a powerful bull thrust so the price action broke out the resistance of the triangle. Now the price action is moving up the trader's interest is too high between 0.382 to 0.618 fibonacci (upto $78.50), and above @78.50 can be a strong sell area coz. The pivot resistance is above the strong sell area. And we have a pivot point beneath the price action which can pull down the price action after hitting the area between 0.382 to 0.618 fibonacci of A to D leg of gartley. But the final decision can be made when the price action will be entered in 0.382 to 0.618 fibonacci after that we need to see the movement of price action and all indicators if they will give bearish signals then we can sell. Regards, Atif Akbar (moon333)
by moon333
USDCAD Intraday ForecastAs we forecast downtrend for this day, so Forecast City suggests sell (limit) below R1=1.35. But the short term forecast is range bound, so we expect to reach the following targets: TP3: S1=1.344. TP4: S2=1.341. Set the stoploss of these orders at breakout of R2=1.3515. Stop and reverse: If trend gets reversed, buy (stop) orders will be opened at breakout of R2=1.3515. In this situation, there is an expectation to reach the target R3=1.3585. Set the stoploss of reverse orders at breakout of R1=1.35. If you would like to trade in the next 24 hours , the intraday forecasts of ForecastCity will show you the most accurate and the most likely actions and swings of the market. Our intraday forecasts are available before those of all the other sites. Our intraday forecasts are available very early in the day. It is one of ForecastCity’s glorious and positive qualities. This quality has made us the first forecaster that forecast tomorrow for you!
Short
by ForecastCity
2
USDCAD WEEKLY TIMEFRAME ANALYSIS & BACKTESTING - TP1 1.35000Good afternoon from the UK. Being a Sunday I like to do a Top down analysis looking at higher timeframes at first. Now the first week in April we have had a Hammer form after a bearish weekly closure previously. The hammer has used my weekly key level as a level of support closing above it with price rejecting the region below with a long tailed wick. As you can see with some longterm trend lines and inner trendiness placed we are still within a long term uptrend. We are creating higher swing lows showing upwards momentum hasn't stopped. Now looking at the moving averages we are looking for that MA cross to the upside with the pair having the opportunity to fill price to the upside. Now for the past 5 weeks the pair has not closed above 1.3450 and the only swing high recently above that was in December hitting a monthly key level at 1.36600. Now as a day trader you will want to find DAILY key levels in-between these price action zones. This is where I had to back test and find key levels on the weekly timeframe. They may be more visible on a lower timeframe but there are some key physoclogical levels that can be found on the weekly but we were to drop down a timeframe. Going back to the 05/06/2017 we have had candle closures and wick spikes in and around 1.3500 - 1.35300 shown by my green horizontal rays. These are great level for the pair to revisit, slowdown in momentum before seeing more highs or perhaps another swing low.
Long
by Travis_duncz
USDCAD on the way down for this week (intraday setup)USDCAD made a triple top on small timeframe (H1) on crucial daily resistance, which is on 1.34500. It held great and USDCAD might be on the way to retest huge support on H4 and H8 timeframe, which is around 1.33200 area. It's not moving much trendy, but we could see some big leg down from the region of 1.34100, which confluence with H1/H resistance and trendline coming our way. I'm entering very conservatively right now and awaiting some small push up on M15/M30 and then enter on these timeframes, where I will be adding another position with very good RRR. Good luck and don't forget to trade carefuly guys. Enjoy
Short
by ForexThief