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Usdcadsetup

USDCAD short analysisAfter a downtrend USDCAD started consolidating and then broke from it on June 16th and is continuing going upside. Last week USDCAD failed to make a new higher high and closed with a big bearish engulfing. Even though my bias is bearish for a short period of time on this pair, i will wait and see how it reacts from demand-1 area. Break below demans-1 will expose demand-2. I am more curious about demand-2 and see how it reacts from there. From that area a short buy can be placed after confirming a price action signal.
Short
by DontStopTrading
1
USDCAD Is Heading Lower To Complete A Five-Wave SequenceThe decline from 1.2654 high is taking the shape of a five-wave impulse pattern. The price seems to be in wave iv of the sequence and the corrective wave iv unfolded as a triangle. According to Elliott Wave theory, a triangle usually precedes the last swing of a sequence. If this count is correct, the price should extend lower to complete wave v of the impulse. What's your view on USDCAD? Let me know in the comment. Thanks for reading!
Short
by Veejahbee
1
Usd/Cad : 1.1900-1.1830 level support test is likely Pair is trading inside the 1.4700- 1.1930 level since the past 6 years as the price is mostly moving based on the crude oil price . As of now , its heading towards the 1.19xx major support and likely to drop 100-150 pips below since the probability of stop loss cluster around that area is very high. On the other side , crude oil is showing weakness around 67 level and traded inside the 63-67 range since many days, indicating price likely to test around the 57 handle for short term. Hence, for Usd/Cad , better is to split the long positions near and below the major support Long position #1 : 1.1930 Long position #2 : 1.1800-1930 Long position #3 : Below 1.1800 ( If there is any Machine initiated so called fat finger error )
Long
by UnknownUnicorn13514545