After price has cleared the liquidity below the Feb. 13 and 14 lows, i believe price would rally up to clear the liquidity at Feb 19 and 20 highs... Wait till london open before execution, price might show a sweep off the asian low... WE REACT TO PRICE AND NOT PREDICT
I've spotted a demand zone for USDCAD on a H1 time frame chart. The demand level range is between 1.33687-1.33638 (very narrow, so pay attention to the spread). If the price retraces to this zone, I'll be considering a long position. My target is set at 1.3384, with a potential for a 2.9 R reward. I plan to exit the trade if there's a 1 hour candle closing below...
My view is based on technical and somewhat bullish us dollar. Profit taking around 1.30 with stop loss at 1.25
Again thanks to @JoeChampions for this idea, because I haven't seen this pattern for a while now. He makes also good technical analysis so keep up the work man! PS: stoploss and take profits are written on the chart :)
🔹 USDCAD is only bullish above 1.2805 — next resistance would be 1.3000 - A bullish Dollar Index will help USDCAD to rise
We've seen this bounce off of major weekly support uptrend line. It'll be interesting to see what Monday brings us.
USDCAD was finally able to break through the consolidation where it has been trading for two weeks, having a bullish breakout has activated the P1 from the previous analysis, currently fighting against the last line of defense established by the 200 DMA. MACD shows a bearish divergence, giving the trade some sour tone. With the trade already running, we must move...
Respected one day trend line tapped twice (created Double Bottom) looking to swing this trade. Key level 1.35200
Illustrated before you is the full Elliot Waves Count and analysis on UC - As we can see, price has been bullish within a channel since last year. Price has made a hard corrective impulse to test support of trend channel. - Wait for confirmations during this week before entering LONG Impulsive Wave (v) could be in preparation! - Best of luck Felipe
Opening : 1.3000 stoploss 1.2964 takeprofit : 1.3381 R/r ratio = 1:10.4