USD/CAD Long Term-Trade IDEA (Daily)Very nice little set up here.
I try to keep my charts very clean and simple, We broke a major up-trend.
Since we found support (for now) I would like to see if we reject this area, if so I can see a retest of the broken trend-line as resistance.
Let me know what you think below.
Usdcadsignal
The last increase is a change in trend or just correction#USDCADOnly in the weekly graph are we still on the upward trend, in all other chart times (H4, D1, MN), the model has changed to a bearish model.
The USDCAD was stopped at 1.3090 because of the support we have there.
The Stochastic is currently at Oversold.
Short term: The USDCAD can rise to 1.3170 / 80
Long term: 1.2950
USDCAD Sell Opportunity with +1800pip Short Target (Longterm)See the screenshot from monthly timeframe below. We are trading against a prominent inverted Head & Shoulders pattern which has clearly broken the neckline and completed a successful retest. Therefore, I have taken a small position of 0.25% capital risk and if price action permits, I will look to add this position at a later stage.
Monthly Outlook:
Caution - Inverted Head & Shoulders:
The strongest trend there is #USDCADWe are in a rising channel that has been going on for several years. The most correct area to enter with a buying position is close to support and this is the situation at the moment, according to the Stochastic, we are reaching the end of the declines
Take profit: 1.3850
Stop loss:1.32
On my mother's grave - USDCAD will never break above $1.36664USDCAD will not break above $1.36664 because of no recent attempt to do so. The last time prices were that high was last june and they did not stick there for very long. I am goimg short on this one as i am following the primary movement of price. I have no confidence in this awaited Bullish breakout because prices have - most of the time trending below $1.13037, been trading between $1.33827 and $4.13037 and that is where prices are going at the moment.
Possible Long for USDCADPossible long for USDCAD. Price has been moving above the 200 EMA and the 50 EMA for the last few months and has stayed with an ascending trend line channel, indicating a long bias overall. Price has also recently been in a parallel trend line channel for the past few weeks and I am predicting that It will continue to go on and create another swing high/higher high. The price has also broken a local resistance zone turning it into support. FX:USDCAD
USD/CAD Potential Buys USD/CAD
We have seen price bounce back from the 1.34530 area to 1.32831 where it meets previous support.
We also see a daily inside closure and further upside movement on the pair today.
Further confirmation of the following can be taken in to consideration also.
1 - Daily Inside bar closure above the previous day - shows us buyers are coming into the market further.
2 - Head and shoulders inverse completed on the daily also and can be seen.
3 - The pull back has already taken effect and now waiting for further price confirmation before seeing this pair hit its first TP which is aligned at 1.34530 .
#USDCAD will stay in its bullish channel?As can be seen from the graphic model above, we are in a rising trend with a price that breaks new records every few times! and maintains a price that does not fall below the support we set, You can also see the history of this model- 4 times the price has reached the bottom of the bullish and then there was an increase of about 700 pips on average, We have what to expect!
Buy USD/CAD
Entry Price: 1.3210
stop loss:1.31
Take Profit: 1.35