Usdcadbuy
USDCAD short trade update Price has made a massive sell off like I've been expecting overall. Now we have reached another supportive area I will look for any quick reversal signs or consolidation for the retracement move back the the upside. i wouldn't expect to see an upside move possibly until mid week but I will try update if I take any positions.
Its okay to change your mind like the (wind) the market is always moving fast and you can easily get caught with the wrong bias, your never always going to be right as the market will do what ever it wants when ever it wants, sometimes you need to adapt to the situation as you read the candles...
USDCAD: Head and Shoulders DestructionThe market makers did everything they could to wipe out every single retail player that trades this setup.
The liquidated not only the swing traders from the breakout but also the positional traders with stops above the highest point.
Now that this liquidity has been captured from the market, do you think we will see some downside?
USDCAD Potential Buy @SupportUSDCAD has given us a nice pullback to support around the 1.27800 level, price broke through this level as resistance earlier this month and is now retesting it as support. With interest rate hikes coming in 2022 we can expect dollar bulls entering the market. This may be yet another pivotal moment to see USDCAD take another move to the upside
USDCAD will be messy....The dollar cad broke uptrend structure and now we are expecting some range bound trading until a clear direction is formed. At these levels, I am looking to enter a short position.
BEAR CASE
In the next week, I am expecting a slight move upwards to retest the bottom channel line and then for price to dump to retest 1.26
BULL CASE
Though unlikely, we need to consider the case where there is one more push up to retest 1.30, if the bottom of the channel line doesn't give us the resistance that we are looking for, and serves as a support for a up move, we may enter a long trade.