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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
09/08/2020 USDCAD - WEEKLY PLAY SHORT TF H4Welcome, Below you will find our trading notes: Monthly view - BULLISH Weekly view - BEARISH Daily view - BULLISH Previous week LOW - 1.3234 Previous week HIGH - 1.3451 Previous week profile - BEARISH News this week: 11/08 TUE - 14.30 12/08 WED - 14.30, 16.30 13/08 THU - 14.30 14/08 FRI - 14.30. 16.30 Where to focus: SELL SIDE SETUPS MAINLY, BUT THERE SHOULD BE SCALP FOR 80-100 PIP UPSIDE LIQUIDITY BELOW : 1.3200 SUPPORT STRUCTURE : 1.3440 -> 1.3465 SUPPORT HIGHER STRUCTURE : 1.3500 -> 1.3554 LIQUIDITY BELOW : 1.3200, 1.3120, 1.3035 RESISTANCE STRUCTURE : 1.3275 -> 1.3215 Weekly scenario: We expect pullback to one of our defined support structures, where we'll look for entries short. If first support structure is broken, then we focus on entries on the higher support structure. If second support structure is broken, we will move to side lines. If we'll see push from our short side zones, then first TP is 1.3250 but over all target is below 1.3200 Protection strategy: SL up to 20 pips above support structure REMEMBER! NEVER BE GREEDY AND DON"T FALL INTO EMOTIONS :) If that was helpful please like and share :) HAVE AN AMAZING DAY! ENJOY
Short
by Snipers-Academy
USD / CAD to Continue with Downward MomentumDaily Chart - Forming a head and shoulders pattern with the neckline at 1.35 - Price broke below the 233 period VWEMA, came back retested and rejected it - Price rejected the 1.37 even within the 50 - 618 retrace level - Trend RSI broke and has stayed below the 50% level Weekly Chart - Major support was broken a few weeks back - Price has since came back to retest that zone and rejected it, confirming it as resistance - Next major support will be within the 1.30 price range - Reversion to the mean at the 233 week VWEMA within that same zone. - Trend RSI just recently broke below the 50% level
Short
by TheCaffeinatedTrader
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