1️⃣ USDCAD - Daily time frame
The market is trading in a strong bearish trend.
The price is following a major falling parallel channel.
Now the price tests its resistance.
For trend followers, it can give a nice opportunity to catch a bearish continuation.
For breakout traders, bullish violation may initiate a strong bearish wave.
1.2725 next...
USD/CAD target is 1.2750. but 1.26 not an easy zone to break. we might see a come back to 1.25 for a retest. if not buy the break out and retest with a clean strong price action. also we gonna have a new monthly candle next week on DXY so we might see the break then...
trade safely
All the information you need is on the chart.
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Will we see price rally up to our yellow highlighted key level?
We've seen USD weakness continue into the new trading week. Price produced a lovely break and retest setup on this pair, breaking our yellow support zone and retracing to retest this area - before price fell 85 pips in the following 4 hours.
Price now resides at long term support. Will we see this level broken or will dollar bulls be sitting at this level?
Have...
Was wrong last time, and honestly was just impatient.
I didn't wait for the market to come o me, but finally it has, just had a great entry @ .2755, hoping to take this to the lows but will be monitoring it closely. Oil has been on an absolute tear so I wouldn't be surprised if the CAD has some catching up to do.
I think the best mindset to have is to be short...
#USDCAD: Price broke through the bottom of the channel. 3 months of sideways action & the bears are ready to take price lower to test the 1.2600 level. More buyers are seen @ 1.2550 where price is expected to bounce
We can see this support zone has now held for over two weeks. Following the previous break of structure we are still bullish on this pair. Price action was choppy last week on this pair.
Where is price heading next?
Have a great trading week!
On USD/CAD is nice to see strong sell-off from the price 1.2696 , there is nice to see strong volume areas....
Where is lot of contract accumulated...
I thing that sellers from this area will be defend this short position...
and when the price come back to this area, strong sellers will be push down the market again...
Strong sellers + Sell-off + Strong volume...
USD/CAD.
It's showing promise as I overlayed it with the new Fibonacci Zone.
Clear and easy to see and determine.
Showing promise and printing money.
Will make it official once beta testing is done.
Happy Trading, from CJ -- aka the greatest FURU.
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USDCAD reached the support level. There are currently two scenarios.
Scenario 1: The market reverses towards the resistance level.
Scenario 2: The market breaks the support level and continues the downtrend.
Good luck!
