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Usdcadbearish

USDCAD, First long then short... (Read the caption) By examining the 8-hour USDCAD chart, we can define the market structure as bearish. There is a strong supply zone that broke the structure and also it coincided with the POC line, previously the price felt the FVG but could not enter to supply zone and was rejected. Now the price created the liquidity pool formed as an equal high below the institutional flow. So we can expect the price to rise to the supply zone and then fall. I should mention the other supply zone that formed at 1.34362- 1.34644, we can look for a short-term sell position in that zone in a lower time frame. 💡Wait for the update! 🗓️02/02/2024 🔎 DYOR 💌It is my honor to share your comments with me💌
Short
by VahidTradingCR
9
USDCAD → Fall to 1.35200 or 1.40000!? Here's What We Know.USDCAD closed a bear candle below its bull channel support last week, leaving the bulls to wonder if this is the beginning of the end! Will the US Dollar recover and bring us back into the bull channel? How do we trade this? We closed a candle below the bull channel, it's reasonable to be biased to short in the short term. The price may want to make contact with the 200EMA at 1.35200 where it could show support and bounce to the upside. I think a short for 100 pips to 1.35200 is reasonable with a protective stop just above the bull channel support. It would be reasonable to take some or all profit just above the 200EMA, but you could hold some and see if the price falls further. Key Takeaways 1. Closed Candle out of Bull Channel, Bias to Short. 2. Look at 4HR chart for a test of Bull Channel Support. 3. After Sell Signal, Target TP at 200EMA 1.35200 4. Watch for Support at 200EMA 5. RSI at 41.00, below Moving Average, Supports Short. You are solely responsible for your trades, trade at your own risk! If you found this analysis helpful, click the Boost button and let us know what you think in the comment section below!
Short
by TraderEngineering
USDCAD M30: Bearish outlook seen, further downside below 1.3600On the M30 timeframe, prices are ranging between a key resistance zone at 1.3600 and a key support zone at 1.3550. A pullback to the resistance zone at 1.3600, in line with the 23.6% Fibonacci retracement, could present an opportunity to ride the drop to the support zone at 1.3550, which coincides with the 50% Fibonacci extension and graphical low. Stochastic RSI is in the overbought region above 80, while price is holding below the 50 EMA and Ichimoku cloud, supporting our bearish bias.
Short
by T3-Consultancy
USDCAD H1: Bearish outlook seen, further downside below 1.3750Prices are testing a key support zone at 1.3750 on the H1 timeframe, which coincides with the 38.2% Fibonacci retracement. A break below the zone could provide the bearish acceleration to the next support zone at 1.3680, in line with the 78.6% Fibonacci retracement and 161.8% Fibonacci extension. Failure to break below the support zone could see price bounce to the resistance zone at 1.3780. Prices are holding below the 20 EMA, while MACD is showing bearish momentum, supporting our bearish bias.
Short
by T3-Consultancy