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USDCAD - will we see downfall after small correction?USDCAD is making small correction on lower timeframes after brutal bearish weekly candle closure. I'm expecting to retest very crucial resistance and then we will prolly see big downfall to two target i have prepared: 1st: 1.31850 2nd: 1.30600 These targets are very crucial supports and potential downside targets for USDCAD UC also confluence with DXY, what I analyzed earlier (on Sunday). Expecting dollar weakness this week. Good luck and don't forget to trade carefuly. I would also thank you for 10k views on my profile. Appreciate the support from ya'll. THANKS and have a great week.
Short
by ForexThief
2
USDCAD may be onupside movement if it breaks its consolidationUSDCAD price action looks like it could potentialy go upside for some time. We could see huge decline in previous weeks and we could see retrace for at least a broken trendline and daily resistance. We can see that UC is ranging in green box and between two minor resistances. For a clear upside movement i'm awaiting box + minor support break and retest (As you can see Arrows) Upside target is 1.34000 area of Daily resistance (multiple touches from 2018). Good luck and dont forget to trade carefuly guys.!
Long
by ForexThief
7
Say goodbye to USDCADThis pair showing weakness whilst the dollar is running is a clear sign it is faltering at the moment. When we zoom out and look at the daily chart we can see the clear resemblances of the two corridors. 4 touches on the upper trend line and the correlation of higher lows and lower highs. This accumulation period looks almost identical to the period in late may 17' before the pair retests the trend line and eventually melted lower. This week we could see 1.304 prices, a small bounce of this region in the weeks to come and a similar decline. On the Macd there is just such clear resemblance, both showing sell signals at exactly the same time of consolidation where the blue arrows show, and the MACD about to rollover in a very similar fashion. The EMA's are coming together in a very similar fashion before price rejects of this and breaks through the 200ema. History never repeats itself but it does show us trends...
Short
by Crypto_Joe1
Loonie looks ready to shift in outlookUSDCAD has dropped for a second straight day, putting in some more distance from the 20-month peak that was seen at 1.3663. A rise in oil prices amid a revival in risk appetite in global markets has helped the Canadian Dollar, while US Fed funds futures have now priced out Fed tightening expectations for 2019 and are factoring in a 25 bp rate cut at the 18-month horizon. USDCAD has descended into two-week low territory under 1.3431 . The early December low at 1.3160 provides a downside waypoint. Immediate support is set at S2 at 1.3350 , which coincides with 50-day EMA. Resistance for today is set at 1.3495 (4 consecutive session peak in the 4 hour chart). In the long-term Resistance stands at the 2018 peak, at 1.3663 . Focus today will be on the dual releases of the US and Canadian jobs reports for December. The US version is expected to show a 205k headline rise (median 177k), with the unemployment rate ticking down to a new cycle low of 3.6% from 3.7% in the prior three months. On balance, the data should be supportive of USDCAD. Andria Pichidi Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
Long
by HotForex
GBPCAD POTENTIAL SHORT OPPORTUNITY (1H & 4H CHARTS) GBPCAD POTENTIAL SHORT I was doing my pre-market analysis for the week and something about this pair had caught my eye. I was looking at global correlation between the currency pairs and the market had showed me that the CAD gained a lot of strength last week across the market. Due to this it had led to a CAD strengthened market which has now led into some trading opportunities. If you look at this pair on the 4H timeframe you can see the market make an attempt to make a new high and come into structure around 1.71600. This had immediately been followed by a very strong seller momentum push to the downside; not only moving to the downside but breaking the recent structure and swing low on the 1H and 4H charts. Lets take a look at where the trading opportunity may be. 4H Chart: *on this timeframe chart you can see that the market had come into structure around 1.71600 and was immediately followed by a very strong seller push to the downside *when the market had been pushed to the downside it not only was very strong but it also had broken structure on the 1H and 4H charts (showing seller control) *the sellers are a lot stronger than the previous buyer in this case and therefore led to a potential short opportunity *watch for a weak re-test by the buyers into structure if we see one 1H Chart: * on the 1H timeframe look for a weak pullback by the buyers AS WELL AS a strong seller interest to show up again *we want to see that because it will show to us that the seller is still interested in taking prices lower *use this timeframe for a good risk/reward ration setup! PLEASE LIKE AND FOLLOW MY PAGE FOR MORE PROFITABLE TRADE SETUPS! CHEERS!
Short
by JosePips
3
A trading opportunity to Sell in USDCADMidterm forecast: There is no trend in the market and the price is in a range bound, but we forecast an uptrend wave above 1.3180 would begin in Midterm. Technical analysis: While the RSI support #1 at 53 is not broken, the probability of price decrease would be too low. A trough is formed in daily chart at 1.3180 on 11/22/2018, so more gains maximum to Trend Hunter Sell Zone (1.3265 to 1.3385) is expected. Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses. Relative strength index ( RSI ) is 61. Trading suggestion: There is possibility of temporary retracement to suggested Sell Zone (1.3265 to 1.3385). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone. While the price is above the level 1.3180, the probability of beginning of downtrend is too weak, so we would enter the market with sell trades based on Daily-Trading-Opportunities and a day close price below 1.3180 and expect to reach short-term targets. Beginning of entry zone (1.3265) Ending of entry zone (1.3385) Entry signal: Signal to enter the market occurs when the price comes to "Sell zone" then forms one of the reversal patterns, whether "Shooting Star" or "Peak" , in other words, NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone. To learn more about "Entry signal" and special version of our " Price Action" strategy FOLLOW our lessons: Take Profits: TP1= @ 1.3130 TP2= @ 1.3050 TP3= @ 1.2965 TP4= @ 1.2885 TP5= @ 1.2805 TP6= @ 1.2730 TP7= @ 1.2565 TP8= @ 1.2250 TP9= @ 1.2060 TP10= Free
Short
by ForecastCity
U.S. Dollar is going to drop compared to Canadian!The U.S. Dollar is going to drop compared to the Canadian dollar because of the recent election in Canada. Having the Liberal party out of the Parliament means that PC will stop the damage that was a ongoing problem with the Liberal Party. The PC party will be creating jobs and will be pulling the Canadian debt back from where it currently is as the liberals buried us in it. the liberals dropped our Dollar about 23.4% over time and that will flip with the new Party in government. So i hope you either will get out or stay in long and hope i am wrong but this is my analysis after the current Election. - Jon Matthews
Long
by matthewsjonfredrick
Gold could still work on a larger Wave B correction to $1180/85Gold is seen to be testing recent swing lows at $1195/95 levels for the third time in the past trading sessions. If the yellow metal manages to break below, we could be seeing lower levels towards $1180/85 levels before the rally could possible resume. Looking at the wave structure, Gold might be still working on a larger degree corrective Wave B, if the above scenario holds true. Then we could consider the entire rally between $1160 and $1215 levels as Wave A, the subsequent drop could be Wave B (in progress), and followed by a Wave C rally. Overall, the metal could still remain good to buy over dips towards $1180/85. Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
FX_IDC:XAUUSDLong
by FXTM