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Usdcadsetup

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.
by IkanBilisCapital
Potential cup and handle formation on daily (USDCAD)Pair: USDCAD Timeframe: Daily Position: N/A Sentiment: Bullish TLDR: Cup and handle formation on USDCAD. Looking for long above 1.2495 level given proper handle structure to 1.2800 (previous level of supply). Outlook: Pair has been in a downtrend, but a recent move in the middle of June looked to reverse the trend. Looking back at that move, we can see there appeared to be a cup and handle formation that led to a sizable rally. Using the previous pattern as reference, we can look to the most recent set of daily candles and see a somewhat, albeit smaller, cup-like shape forming. Combine the pattern with relative strength in the general dollar, and the recent selloff of oil and we could either see a strong breakout, therefore creating a short handle and strong move to the upside. Or consolidation creating a proper handle, then a move to the upside. Things to keep in mind: - We are still under the 200EMA, which could provide resistance. Price could also drag along to meet with the 200EMA and start forming a handle from there. - Dollar strength could slow down and oil could have a resurgence thus shifting the power dynamic between USD pairings. Key numbers: I'll be looking at using this point or the area around it to establish a long position should the proper handle structure present itself. This is where I expect the bottom of the handle formation to be. While this is an area of interest that could serve to invalidate the trade, this will not be where I place my stop. Is where I will most likely place a stop. I want to give the potential handle formation some breathing room. Adjust position size accordingly to account for risk levels. TP1. I would want to see any successful cup and handle pattern to return to the previous supply areas. TP2. I don't necessarily think a move to this area would be smooth or quick. But, I would still keep this area in mind should the cup and handle properly form. Timeframe: This is a longer term trade. Should a successful cup and handle pattern form, it's probable the trade takes anywhere from 20 to 60 days to complete. However, things usually don't go as planned, so it will be more important to simply follow and listen to the price action, volume, patterns, and key areas. Disclaimer : This content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained in this post constitutes a solicitation, recommendation, endorsement, or offer by cprice253 to buy or sell any securities or other financial instruments in this or in in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.
Long
by C_Price
USD/CAD:PRICE ACTION | NEW BEARISH SETUP READY...The DXY index continues to rise and the USD/CAD pair retreated again after the US Non-Farm Payrolls surpassed expectations and the US dollar rose to daily highs. Welcome back Traders, Investors, and Community! Check the Links on BIO and If you LIKE this analysis, Please support our Idea by hitting the LIKE 👍 button Traders, if you like this idea or have your own opinion about it, please write your own in the comment box . We will be glad for this. Feel free to request any pair/instrument analysis or ask any questions in the comment section below. Have a Good Day Trading !
Short
by FOREXN1
4
USDCAD Is Heading Lower In Wave (v) of CUSDCAD decline from wave B high is taking the shape of Elliott Wave five-wave impulse pattern. The corrective sequence within the impulsive decline follows the EW alternation guideline. Wave (ii) was a sharp correction that retraced 61.8% of wave (i) and wave (iv) is a complex correction and has retraced 38.2% of wave (iii). Price is expected to head lower in wave (v) to complete the five-wave sequence in wave C. Other Confluences: - Price is retesting daily bearish order block (supply zone) - Price is rejecting daily 50 EMA as dynamic support (not shown on chart) - Doji at the supply zone What's your view on USDCAD? Let me know in the comment. Thanks.
Short
by Veejahbee
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
Long
by Mihai_Iacob
8
USDCAD Short to Long idea /MultipletermHello guys. We are having quite strong downtrend. At the moment wave3 /=W3/clearly pulling back at fib 1.618 and heading to wave4 /=W4/. Wave 4 might be at Fib 0.2 /1.24045/ or Fib 0.3 /1.24727/. Then it possibly retrace to wave 5 /=W5/ around 1.217. Please write comment. If you like it press LIKE. This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading
Short
by Saruul88