Usdcaddaily
Is the channel going to hold for the USDCAD?The dollar cad tested the bottom of the channel like we predicted and moved up higher, it has now tested the top of the channel and faced some rejection, are we going to see a break out?
BEAR CASE
Until proven otherwise, our bias is to the downside. We expect to see it test the bottom of the channel once more and if it faces rejection there or before there, we know a major upmove is coming for this pair.
BULL CASE
If a breakout happens, we're targeting 127 to put up some resistance.
USDCAD: Succesful Manipulation EntryWe knew it was coming, as predicted in our related ideas below.
As soon as it came, we jumped at the opportunity and got involved in swing buys with a tight stop loss.
I now expect this move to rise up to 1.26, AT LEAST.
Hopefully, you guys managed to catch the same move.
UsdCad- Great R:R medium term tradeUndoubtedly, since mid-March, CAD has dominated the market, and with USD has strengthened more than 2500 pips, reaching a local low at 1.2 at the end of May.
A first leg of correction has followed and a new drop after this.
However, this new drop has found bids in 1.23 zone and we have 2 Doji candles on our weekly chart that can signal a higher low is in place.
I expect a new leg up from UsdCad and the price could reach and test 1.3 resistance.
Such trade can have a 1:5 risk to reward ratio and is negated with a daily close under the last recent low
USDCAD more downside coming!The dollar cad traded is largely range bound this week. The coming week should see a break of trend to either side but our bias is to the downside as structurally on the longer term charts, it looks bearish.
BEAR CASE
If bears find conviction, we should see a retest of 1.2 before some consolidation and more downside.
BULL CASE
As we enter the first week of November, do not be surprised to see price retest 1.25 before the bear case is fulfilled.
USDCAD: Buys AvailablePlease refer to my related idea to get a better understanding of the long term vision for this pair.
I would love to buy this pair here but I am fearful that retail is buying heavily here leaving this area open to manipulation.
I think it would be sensible to wait for a deeper retracement before we buy up into our target area.
What do you think of this setup?
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