USD/CAD - SHORT SCENARIOS - ANALYSE – WThe "USDCAD" is in an uptrend since May – 2021, and it stands to reason that we can expect a top soon if necessary.
-> The USD is the base currency of the pair and should, shortly, enter a correction.
-> At which key areas we can expect a Local Top, I will analyze in more detail in today's post.
-> For this, we will look at the "USDCAD" from the weekly view and integrate elements of the daily, weekly and monthly charts.
table of contents
- 1st part = EXPLANATION - Used indicators + levels
- 2nd part = SCENARIOS - pro + con breakdown
- 3rd part = CONCLUSION
FIRST PART
1. | FIBONACCI RETRACEMENT |
For this Fibonacci retracement, we take the movement,
which started in - March/2020 - and ended in - May/2021 -.
-> 0.75 FIB = 1.40031 points | Pending processing
-> 0.786 FIB = 1.40989 points | Pending processing
-> 0.88 FIB = 1.43491 points | Pending processing
> As "BLUE" lines - drawn in the chart.
2. | FIBONACCI RETRACEMENT |
For this Fibonacci retracement, we take the move,
which started in - July/2022 - and ended in - August/2022 -.
-> 2.618 FIB = 1.40258 points | Pending processing
> As "PASTELL ORANGE" lines - drawn in the chart.
3. | SUPPLY ZONES |
The supply zones formed at the beginning of the downward movement,
thus they were created and in - March-May/2020.
-> MONTH ZONE = 1.38502 - 1.46685 points | Pending processing
-> WEEK ZONE = 1.38502 - 1.41409 points | Pending processing
-> DAY ZONE | 1 | = 1.39686- 1.40488 points | Pending processing
-> DAY ZONE | 2 | = 1,43750- 1,46685 points | Pending processing
> As "GREY" areas - drawn in the chart.
4. | POINT OF INTEREST |
The points of psychological interest,
were created the first time - in 2003 - and showed some reactions since then.
-> POI | 1 | = 1.38500 points | Pending processing
-> POI | 2 | = 1,40000 points | Pending processing
-> POI | 3 | = 1.41000 points | Pending processing
-> POI | 4 | = 1,46500 points | Pending processing
| POI should be used as resistance in the upcoming situation.
| POI is used as ZONE -> no point exact resistance.
> As "TURKIS" line - drawn in the chart.
5. | VOLUME PROFILE |
The volume profile describes the cumulative trading volume at each price level. In the analysis, the volume of the last "TOP" formation was analyzed.
-> VOLUME ZONE = 1.40100 - 1.41100 points | Pending processing
-> POC = 1.40500 - 1.40700 points | Pending processing
| Point of Control - The price level with the highest traded volume.
5. | OLD MARKET STRUCTURE BREAK |
The old market structure break, represents a psychological level because it was the decisive point in the last corrective move.
| MSB = 1.38502 points | Pending processing
PART TWO
Once the price reaches the broken down levels, we can expect a reaction from the market, which depends on the "weighting" of each level.
PLEASE NOTE - the USD is the base currency of the USD/CAD, so we are 100% dependent on the performance of the DXY.
1. | SCENARIO | TOP - at approx. 1.38500 points (Unlikely)
What speaks for this?
- "OLD MARKET STRUCTURE BREAK"
- "SUPPLY ZONES | W1 + M1"
- "POI (1)
+ this idea must be supported by the DXY!
What is against it?
- "VOLUME PROFILE" = little traded volume.
- "FIBONACCI" = between 0.618 - 0.75 FIB
- "USD (DXY)" = further appreciation.
2nd | SCENARIO | TOP - at approx. 1.40000 - 1.41000 points (Very likely)
What speaks in favor of this?
- "FIBONACCI RETRACEMENT (1) | 0.75 + 0.786 FIB"
- "FIBONACCI RETRACEMENT (2) | 2.618 FIB"
- "SUPPLY ZONES | W1 + M1 + D1 (1)"
- "POINT OF INTEREST (2) + (3)
- "VOLUME ZONE
- "POC
+ this idea must be supported by the DXY!
What is the argument against it?
- "FIBONACCI" = 0.88 FIB
- "SUPPLY ZONE" = D1 (2) liquidity
- "USD (DXY)" = further appreciation.
3. | SCENARIO | TOP - at approx. 1.43500 points (Unlikely)
What speaks in favor of this?
- "FIBONACCI RETRACEMENT (1) | 0.88 FIB"
- "SUPPLY ZONES | D1 (2)"
+ this idea must be supported by the DXY!
What is the argument against it?
- "USD (DXY)" = further appreciation.
CONCLUSION
It is impossible to say at this time what the exact scenario for "USDCAD" will be.
= Despite this, the key points I have presented, will most likely trigger a reaction.
-> As soon as the TOP formation emerges, I will upload a detailed SHORT execution.
-> Feel free to discuss it in the comments and share our perspectives, I'd be "burning" to hear your take on the whole thing.
If this idea and explanation has added value to you, I would be very happy to receive a review.
Thank you and happy trading!
Usd-cad
USD/CAD:SELL Scenario Following Primary Trend SHORT SetupThe USD/CAD pair struggles to capitalize on Friday's bounce from the 1.3320 area or its lowest level since November 25.
We can summarize that USD/CAD is in a strong downtrend inside a compression area where the price may follow the primary trend and continue at a bearish rally. We are looking for a Bearish setup.
USDCAD Potential For Bearish ContinuationLooking at the H4 chart, my overall bias for USDCAD is bearish due to the current price being below the Ichimoku cloud, indicating a bearish market. Looking for a sell entry at 1.34841, where the 50% Fibonacci line is. Stop loss will be at 1.36646, where the previous swing high is. Take profit will be at 1.32258, where the previous swing low is.
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
Usdcad Sell Short term Hi All,
We opening a sell on Usdcad, as you can see we are still very much inside a sort of bullish flag, however with the weakness of $ and the break of support, which is now turned resistance couple with the bearish engulfing candle we are anticipating a further drop to 1.32 X and then 1.30 XX.
Entry, Sl, TP marked.
Please follow, like, share and comment.
Many Thanks
🍁 USD/CAD Correction Before Fall? 🍁🍁 USD/CAD Correction Before Fall?
🍁 Nearest strong support zone: around the 0.786 level of the upward wave.
🍁 Nearest strong resistance zone: the 0.618 level of the upward wave.
🍁 Technical environment:
- Moving averages: Downtrend
- MACD: Uptrend
- RSI: Uptrend (Divergence).
- Supertrend: Downtrend
🍁 Price action: USD/CAD It has reached a key point on the chart we have again attacked the levels of 1.336 where we landed after the last downward wave, looking at the medium-term pro-growth bias of the dollar and the long-term uptrend on the Canadian dollar, I expect a retest of the area around the 0.618 level of the upward wave before continuing the decline.
🍁 The scenario I'm playing out is to execute an upward correction before continuing the declines. I don't exclude the possibility of changing the scenario if the market situation changes abruptly. I'm aware of the possibility of a correction at any time, this should be taken into account, If the outlook changes I will publish a post with an update, so I encourage you to actively follow the profile and read the description carefully.
🍁 Please do not suggest the path I have outlined with lines it is only a hypothetical scenario.
🚀 If you appreciate my work and effort put into this post then I encourage you to leave a like and give a follow on my profile. 🚀
USDCAD Potential For Bearish ContinuationLooking at the H4 chart, my overall bias for USDCAD is bearish due to the current price being below the Ichimoku cloud , indicating a bearish market. Looking for a pullback sell entry at 1.34843, where the previous swing low is. Stop loss will be at 1.36647, where the recent swing high is. Take profit will be at 1.33166, where the 78.6% Fibonacci line is.
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
USDCAD Potential For Bearish ContinuationLooking at the H4 chart, my overall bias for USDCAD is bearish due to the current price being below the Ichimoku cloud, indicating a bearish market. Looking for a pullback sell entry at 1.34843, where the previous swing low is. Stop loss will be at 1.36647, where the recent swing high is. Take profit will be at 1.33166, where the 78.6% Fibonacci line is.
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
🍁USD/CAD Attention We're Falling 🍁🍁 USD/CAD Attention We're Falling
🍁 Nearest strong support zone: around 1.337, 0.382 fibo level of the entire upward wave.
🍁 Nearest strong resistance zone: around 1.36, 0.236 fibo level of the entire upward wave.
🍁 Technical environment:
- Moving averages: Downtrend
- MACD: Downtrend
- RSI: Downtrend
🍁 Price action: USD/CAD for the past month has not found the strength to continue the upward movement, contributed by a sharp capital inflow into the Canadian dollar and a flight from the US dollar. What caused such sharp movements in recent days. Looking at the candlestick formation in which the price, after an upward breakout, accumulates slowly curling southward, the continuation of growth in this case seems very unlikely. It looks like the road to a coy strong wave of declines has opened before us.
🍁 The scenario I'm playing out is a continuation of declines given all the support zones that lie ahead. I don't exclude the possibility of changing the scenario if the market situation changes abruptly. I'm aware of the possibility of a correction at any time, this should be taken into account, If the outlook changes I will publish a post with an update, so I encourage you to actively follow the profile and read the description carefully.
🚀If you appreciate my work and effort put into this post then I encourage you to leave a like and give a follow on my profile.🚀
USDCAD: Buy the dip strategy in short termHi everyone!
From a technical point of view on main time frame the trend still remains bearish, but at the same time we think that USD/CAD pair could trigger a bullish consolidation on one hour chart, let's look at what will happen in the next few hours and if the conditions are met, we will publish also some updates on intrady chart.
Technically speaking, our strategy is simple: "Buy the dip"!
Thanks for your support, Like & Comments and I hope to be helpful! 💖
Trade with care!
Anonymous Trader
Going Long On USD CAD Found support zone at 1.34841 as price had bounced off this area previously. I have taken a long position to see if price can get to 1.36723!
If price breaks below the support zone than we can assess that price is probably heading to the down side! Each circle shows where price had previously hit!
Only the future can tell!
Let me know your thoughts!
🍁USD/CAD Continuation of Declines 🍁🍁USD/CAD Continuation of Declines
🍁 Nearest strong support zone: around the fibo level of the 0.618 wave from the bottom to the local peak.
🍁 Nearest strong resistance zone: around the 0.382 level of the same wave.
🍁 Technical environment:
- Moving averages: Downtrend
- MACD: Downtrend
- RSI: Downtrend
🍁 Price action: after yesterday's price rise near the recent current highs, we scored a very quick decline today due to the strengthening of the Canadian dollar. Looking at the dynamics of the downward movement, another attempt to attack north seems very unlikely.
🍁 The scenario I'm playing out is a continuation of declines to the vicinity of the support zone. I don't exclude the possibility of changing the scenario if the market situation changes abruptly. I'm aware of the possibility of a correction at any time, this should be taken into account, If the outlook changes I will publish a post with an update, so I encourage you to actively follow the profile and read the description carefully.
🚀If you appreciate my work and effort put into this post then I encourage you to leave a like and give a follow on my profile.🚀
🍁USD/CAD Ready For A Breakout🍁🍁USD/CAD Ready For A Breakout
🍁Looking at the strength with which the USD/CAD took off upwards today.
🍁I get the impression that there is a good chance that this is just the beginning of a new upward wave on this pair.
🍁Looking at the 1D interval (lower right corner) We can see that we have approached the vicinity of a strong resistance zone determined by the 0.618 level of the entire downward wave. Where the price has repeatedly struggled to break upwards.
🍁Looking at price action and the technical environment. It looks like today's movements are not a coincidence and are aimed at breaking through the strong resistance that held the price for a month.
🍁The scenario I'm playing out is a continuation of the upside with the breakthrough of the resistance zone. I don't exclude the possibility of changing the scenario if the market situation changes abruptly. I'm aware of the possibility of a correction at any time, this should be taken into account, If the outlook changes I will publish a post with an update, so I encourage you to actively follow the profile and read the description carefully.
🚀If you appreciate my work and effort put into this post then I encourage you to leave a like and give a follow on my profile.🚀
EURCAD looking for shortsEURCAD was rejected at 1.4610, and the supply zone was also around this level. Local support at 1.4357 prevented the price from falling further, perhaps looking for more liquidity.
We might see a retest of the resistance level at 1.4610, printing a double top pattern with a divergence on RSI or MACD.
Then, we have to wait for the local support at 1.4357 to break to confirm a strong down move aiming for 1.400.
If the price does not react to the level of resistance at 1.4610, then the scenario is to move long in order to target the cross of the two yearly trendlines and the 200-week moving average. The fall down from there will definitely be harder!
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Let me know your thoughts in the comments, and show your support by liking the idea.
Please follow if you're interested in more ideas like this.
Your support is greatly appreciated!
USDCAD LONGHello traders,
Today we are looking at USDCAD .
Why are we entering?
- We are forming wave 5 subwave 2, microwave C
- We are expecting price to reject our 0.618 fibonacci before we see subwave 5 form
What is our confirmation?
- Rejection from our buy zone
- Break of WFB
Entry
- Safe Entry: Rejection of our buy zone with a break of our WFB
- Risk Entry: Rejection of our buy zone
- Risk Entry: Early break of descending WFB
Once entered, where will our Stoploss be?
- 30 pips below our 0.618 fibonacci: below 1.337
- Move SL to BE after running 30 pips
Where do we take profits?
- Secure profit multiple times along the way (30 pips, 60 pips, 120 pips, 200 pips)
- First TP - Previous high: 1.4 (600pips)
- Final TP - -0.27 fibonacci level: 1.43 (900pips)
Be sure to follow me and check out my other ideas below!
USDCAD moving lower? 🦐USDCAD on the 4h chart after the test of the monthly resistance dropped to the lower support at the 50% Fibonacci zone.
The price is now trading around the 1.35500 zone and after the recent high we can expect some more retracement.
How can i approach the current scenario?
I will wait for a break of the support and if that will happen i will consider a nice short order according to the Plancton's strategy rules.
--––
Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger