USDCAD - Long Setup Loaded Looking to take advantage of the USDCAD break above its daily resistance trend line.
400 pips on the table!
F-uc
Short USDCADTaking a stab at shorting USDCAD. Weekly chart - This week we revisited last weeks open and rejected the price. This tells me there is a important price level.
I see a lot of bullish signals but I have a feeling they are a trap since they are so obvious.
DXY is also printing new lows.
With this pull back I am jumping in short with a micro half way pullback. I am looking for the trend line to be broken.
Target is the shoulders of the current inverse head and shoulders around $1.24.
Comment if you are trading this pair.
Good luck everyone and trade and your own risk.
USDCAD coming to pivotal pointBullish case
1 - Black descending line act as support
2 - Price performing a throwback to former resistance (red line) to test as support
3 - Up-trending channel off the bottom
Looking for exhaustion on 1HR and 4HR on lower bollinger band.
1H UC
See continuation of red and black thick lines on the hourly.
Bearish Case
1 - DXY looking really weak
Regarding bearish case (1) so long as the EUR/GBP/JPY pairs appreciate against the CAD more/faster than the USD, then UC will still go up due to arbitrage.
Some Other Details
Take a look at CXY - appears to be thrusting into two resistances trend lines, that are coalescing together
Weekly
Daily
USDCAD sell exhaustion in the worksBack to weekly former resistance that should now act as support - this is a throwback after that successful brake out.
Look to the hourly channel below to finalize long entry.
Even if price falls thru weekly support, we have another major trend support very close by.
USDCAD possible 1000 pip move to the upside looking for downside to finish right shoulder of inverse head and shoulders. should see a big push next couple of week. MASSIVE rejection in monthly.
USDCAD short opportunity coming upWeekly chart looks the red line should offer resistance.
Looking in closer 4-hour time frame, there are more resistance reasons as shown below.
resistance of upper channel
resistance trend line (cyan)
USCAD broke out of channel into resistanceStrong break out but price coming too aggressively into lower resistance of former long term channel support.
8:30 numbers will probably be bad, UC was raised up prioor to news to have where to drop it from.
USDCAD short Price about to come back to test this strong resistance. Worth a try just for the rarity of such a combination of events.
USDCAD 02SET2017 September and October forecastI believe this Month - September - for USDCAD will be BLUE and with a Low at 1.23047 and the High at 1.28430.
October High will be at 1.27730 so this month should close bellow that point in order to this idea become confirmed.
All those waves have the purpose to sync/converge to 1.22030 that I believe will be Low for next Quarter where a great Up will occur up to 1.3915.
The first jump (4th wave of this last )will occur at 1.2335 - not yet there - but will go down again to seek 1.23047 as this will be this Month Low/impulse up.
Pay attention specially on the thick lines in violet, as the dashed and thinnest lines are more flexible to occur.
This study is based on the Quarter/Monthly data by using convergence calculations on waves.
Please be aware that:
- These points could overpass a little as long as the impulse will be there, usually on a 4H or Daily UTC server - should use Forex.com data here on tradingview to sync 4H and daily charts .
- Please note that I am only predicting where things happens, not when, because that really depends on others factors such as the agreement of all major sessions - London, NY and Singapore - and also on Events, the fast/slow motion tool.
- Also those points/targets are not random or just imagination, they are in fact result of my calculations based on wave counting, measurement and convergence on very high timeframes starting from daily charts up to yearly.
Break and hold above this line is bullish for USDCADLooking for a break of this line to the upside and entering a quarter of a position. If there is a retest of the line as a support line, entering in the rest of the position for a long.
USDCAD long term longWhile everyone is watching to see whether the 2016 low will act as a support/reversal point, I am also curious for the general direction of this currency pair over the long term. As CAD is so closely tracking USOIL prices, weakness in oil should support weakness in CAD, especially relative to USD, the currency of oil markets.
For reference, here is the slightly shorter term: (annotations on charts)
And the longer term view:
From a technical viewpoint, any reversal would ideally come from the 2016 low. However, there are few bullish news for this pair on the near term.
If price action does not signal a move upward and the pink channel breaks, I will continue to watch Yearly Pivot S1 (1.236) and 2015's low (1.193). These points may attract and slingshot a grossly oversold USDCAD.
If price does break out, key initial targets would be Monthly Pivot S1 (1.275) and Monthly Pivot (1.315).
Waiting patiently for a strong signal - for me would be a long hammer candlestick or a tweezer bottom.
Happy trading :)
USDCAD - Long-Term SetupIf usdcad weekly candle closes below bollinger bands, i am looking at price to continue down around the 1.275-1.283 range. My "alligator" indicator is showing a full open mouth, with potential of more downside. If you look back on the chart, the last few times the candles close outside of the bollinger bands the market usually continues for a minimum of another 100-200 pips.
This small continuation puts us right around the white support/resistance line. Look for a good sign of a reversal at this time, if a pinbar forms i will be looking at opportunities to enter long into UC.
USDCAD shortUSDCAD small short, trend line broke and retested and showing signs of reversal on 1hr tf
USDCAD shortSitting beneath a strong resistance line, going to wait for a confirmation of a reversal then enter a short to just above the 0.5 level at 1.32838, it may continue past that but will lock profit at that level and ride it further down.
