USDCAD-Waiting for the downtrend expansion As you can see in the daily chart, we are waiting for the descending trend up to the range of 1.2039.
In the 240-minute chart, wave iii from sub-waves of (iii) has ended in the range of 1.2588, and its correction has ended in the range of 1.2882, the price currently is in the last wave of the downtrend, in wave (iii).
Usdcadidea
USDCAD 30M👋 Hello and welcome traders
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USDCAD short trade ideaPlan: trendline and support level breakout --> wait for the price to bounce off from resistance level --> wait for the rejection candle pattern to form e.g. bearish engulfing, pinbar, etc --> SELL
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USDCAD: Ending Diagonal PatternIn some cases, we cannot detect the main trend clearly. But there are patterns that are helpful, they temporarily show the trend. One of these patterns is Diagonal.
As you can see in the image, the Diagonal pattern is formed and we are waiting for the price to increase to the range of 1. 3411. To get the confirmation for the uptrend, the price should cross the range of 1.2835.
In addition, convergence is evident in RSI. This analysis will be violated by crossing the price from the range of 1.2588.
USDCAD long trade ideaPlan: resistance level breakout --> wait for the price to bounce off from support level --> wait for the rejection candle pattern to form e.g. bullish engulfing, pinbar, etc --> BUY
**Disclaimer** the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.
Traders!! if you like my ideas and do take the same trade as I do, please write it in a comment so we can manage the trade together.
_____________________________________________________________________________________________________________________
Thank you for your support ;)
GWBFX
USD/CAD Buy Opportunity Technical Overview: - USDCAD has been on a bearish run past the few months leading up to January.
We know this is a monthly trend that many people have sold based off and many people have swing trades positions to the downside.
The markets is not yet done, we may have more downside to around 1.2600 Zone which would be a much better R:R at a discounted price.
Fundamental Overview: - DXY is gaining bullish momentum because of recent high impact NFP news and unemployment change rate.
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