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USDCAD - PREDICTIONThe Loonie broke the weekly support and we saw a freefall below 1.30. Really cannot see the USDCAD breaking back above 1.30 now with the DXY crumbling and oil prices climbing. The only question is where the pullback ends. I've highlighted a 1hr zone of interest in yellow, where price stagnated creating a potential shelf for price to retest. However, should this break, we should see a retest of the weekly support turned resistance before a further impulse. Remember, even though we expect a slight push up, we trade with the trend!
Short
by RealistFX
$USDCAD Breaks Support - Short to 1.285USDCAD Short position - Daily Chart Entry - 1.3016 Target - 1.2850 (166 pips) Stop Loss - 1.3091 (75 pips) Haven't published one of these in a while. I opened this trade earlier today. I was looking mostly at the current trend, price action, and the fact that price has broken multiple levels of support recently. I'm bearish generally on the U.S. dollar in the medium term (~3 months). Currently, 76% of retail traders on Myfxbook are long USDCAD, and that's not usually a great sign for the U.S. dollar. I'm risking 1.5% of my account on this, as things will be volatile between now and election day. Also, price is at an area of support on the daily chart and could rebound. I like that the candlesticks are below the Ichimoku Cloud, span line, 30EMA, and 200MA. The stop loss is located between the span line and 30 EMA and below a long term descending trendline. We'll see how it goes! -Zedro
Short
by Zedro
1
USDCAD - WEEKLY PREDICTIONThe Loonie has been in a strong downtrend on the higher timeframes ever since the March crash. However, we're approaching key MAJOR support and this is where the higher timeframes will be key. We have weekly support but a weekly descending trendline. Which will break first? Only the market will tell us. What we're looking at here, is the Head and Shoulders on the Daily timeframe and looking for the break and retest of the neckline down to test out that weekly support. Any buys only work with a break above the 61.8% fib AND the weekly trendline, keeping our eyes on how price progresses and if it starts to wick back to entry towards the end of the week, we will close at breakeven for buys.
by RealistFX
USDCAD - WEEKLY OUTLOOKSo we always try to have a plan for both sells and buys but the #loonie looks long here. It's currently sitting just above one of the strongest levels of support I've ever seen: Key Key psychological 1.30 level Weekly 61.8% Fib Retracement! (WEEKLY FROM JUNE 2017 SWING LOW!!!) Previous September lows when the DXY was crumbling couldn't break this level! So as far as sells goes, unless we see an intra day technical validation, we won't be selling this week. See arrows for 2 buy options! Trade safe with the election incoming!
Long
by RealistFX