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Forex-usdcad

USDCAD | WEEKLY PERSPECTIVEThe USD/CAD pair struggled to make a decisive move in either direction after the macroeconomic data releases from Canada and the United States on Friday - 31st July 2020. With 90pips in our direction from my last week publication (see link below for reference purposes), a possible rally continuation is looming as we experience a Breakout off of our Trendline and Resistance @ 1.33700 during the course of last week. Tendency: Uptrend ( Bullish ) Structure: Breakout | Channel | Reversal Pattern Observation: i. The fall of USD since mid-July 2020 appears to stall at 1.33600 zone (Buying Pressure zone) as the price continues to find it difficult to break further down. ii. The spring of a Bullish candle (Breaking out off of my Trendline) later in the week is a sensitive sign that emphasizes Buyer's strength at this juncture in the market. iii. Looking out for completion of retracement from Engulfing run in anticipation of a rally in the following week(s). Trading plan: BUY confirmation with a minimum potential profit of 100 pips. Risk/Reward: 1:2. Potential Duration: 2 to 7 days NB: This speculation can be considered to make decisions on lower timeframes. Watch this space for updates as price action is been monitored. NirvanaForex Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
USDCAD | WEEKLY PERSPECTIVEAs the USD dropped to its lowest level since early June 2020, the price has moved over 150pips in our direction since my last publication on this pair (see link below for reference purposes). Its been a rough week for the Greenback as it breaks my Key level I @ 1.35000 to sit at the bottom of Bearish Trendline @ 1.33500 area as I anticipate a further Breakdown of this level as a confirmation. Tendency: Downtrend ( Bearish ) Structure: Breakdown | Support & Resistance | Trendline Observation: i. Breakdown and Retest into my Key suggest a further decline of the USD in the following week(s). ii. Price action is back and consolidating at the region it was in early June 2020 with open possibilities for either a Bullish or Bearish option. iii. It is also worth noting here that price closed @ 1.33500 (about 26pips below where it closed at in early June 2020 -Key level II) suggesting an increase in Selling power at this juncture in the market. Trading plan: SELL confirmation with a minimum potential profit of 260 pips. Risk/Reward: 1:3 Potential Duration: 4 to 15 days NB: This speculation can be considered to make decisions on lower timeframes. Watch this space for updates as price action is been monitored. NirvanaForex Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry
USDCAD | WEEKLY FORECASTAs the Greenback appears to be losing steam across major pairs; A Breakdown of our Key level (1.35500) last week is a significant Bearish signal for us. Tendency: Downtrend ( Bearish ) Structure: Break-down | Support & Resistance Observation: i. . 786 retracement of the most recent Bearish Impulse leg culminates at 1.37000 followed by a Bearish momentum. ii. The Bearish momentum which started last week finally breaks our key level @ 1.35500 which also coincides with a Breakdown of our Bullish Trend . iii . Expecting a further rally to the downside in the following week(s) with a 1.414 extension target. Trading plan: SELL confirmation with a minimum potential profit of 350 pips. Risk/Reward: 1:3 Potential Duration: 4 to 8 days NB: This speculation can be considered to make decisions on lower timeframes. Watch this space for updates as price action is been monitored. Nirvana! Forex Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published byme for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and NFTI takes no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment. NFT&I does not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry