USD/CAD is rising towards a resistance level which is an overlap resistance that aligns with the 38.2% Fibonacci retracement and could reverse from this level to our take profit. Entry: 1.3664 Why we like it: There is an overlap resistance which lines up with the 38.2% Fibonacci retracement. Stop loss: 1.3694 Why we like it: There is a pullback resistance level...
EUR/CAD is falling towards a support level which is an overlap support that aligns with the 38.2% Fibonacci retracement and could potentially bounce from this level to our take profit. Entry: 1.47802 Why we like it: There is an overlap support level which lines up with the 38.2% Fibonacci retracement. Stop loss: 1.47368 Why we like it: There is a pullback...
Price is falling towards a support level which is a pullback support that aligns with the 38.2% Fibonacci retracement and could bounce from this level to our take profit. Entry: 1.7329 Why we like it: There is a pullback support level which lines up with the 38.2% Fibonacci retracement. Stop loss: 1.7207 Why we like it: There is a pullback support level which...
The GBP/CAD pair on the M30 timeframe presents a potential selling opportunity due to a well-defined channel pattern. This suggests a shift in momentum towards the downside in the coming Hours. Key Poin ts: Sell Entry: Consider entering a short position around the current price of 1.7405, positioned close to the top of Channel. This offers an entry point near...
The EURCAD pair has been trading within a Channel Down for the past 15 months and right now is on a Bullish Leg towards its top. The 1D RSI is approaching the overbought barrier of 70.00 and we believe it will give a sell signal after it breaks above, just like November 21 2023 and July 14 2023. Until then, we will stay bullish, targeting the top of the 15-month...
The USDCAD pair gave us a wonderful sell trade on our last analysis (April 17, see chart below) as we caught the exact moment of the rejection and reversal of the 4-month bullish trend: The price has now broken below not just the (dotted) Channel Up but closed below the 1D MA50 too, confirming the trend shift to bearish. As you can see on this 1W chart, the...
The Loonie (USD/CAD) is falling towards the pivot and could potentially bounce to the 1st resistance. Pivot: 1.3644 1st Support: 1.3589 1st Resistance: 1.3735 Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all...
On Friday, alongside the US PCE data release, Canada will publish its Q1 GDP growth figures. Earlier in the week, Canada will also release its producer prices data. Note that US markets will be closed on Monday for Memorial Day. According to the Royal Bank of Canada, the Canadian economy likely grew more quickly in Q1 2024 based on headline figures. However,...
Before price's previous break, it was in a consolidation where it eventually swept liquidity below support. It preceded to push to the upside with massive momentum where it eventually consolidated again, forming liquidity above an external range double top(or head and shoulders) and below an internal range support. Since price is currently in a bullish trend, it...
USDCAD is neutral on its 1D technical outlook (RSI = 50.081, MACD = 0.001, ADX = 32.778) as it formed a Lower High yesterday and today got sold aggressively. This is a Channel Down since the April 16th High, which having broken under the 1D MA50, has confirmed the continuation of the bearish price action. We expect the 1D RSI to at least hit the 30.000 level, as...
The AUD/CAD pair on the M30 timeframe presents a Potential Buying Opportunity due to a recent breakout from a Triangle Pattern. This suggests a shift in momentum towards the upside and a higher likelihood of further advances in the coming hours. Possible Long Trade: Entry: Consider Entering A Long Position Above The Broken Trendline Of The Triangle After...
The AUD/CAD pair on the M30 timeframe presents a Potential Selling Opportunity due to a recent breakout from a Triangle Pattern. This suggests a shift in momentum towards the downside in the coming hours. Possible Short Trade: Entry: Consider Entering A Short Position below The Broken Trendline Of The Triangle After Confirmation. Ideally, This Would Be Around...
AUD/CAD is rising towards a resistance level which is an overlap resistance that aligns with the 611.8% Fibonacci retracement and could potentially reverse from this level to our take profit. Entry: 0.90910 Why we like it: There is an overlap resistance level that lines up with the 61.8% Fibonacci retracement. Stop loss: 0.91189 Why we like it: There is a...
The CAD/JPY pair on the M30 timeframe presents a potential buying opportunity due to a recent breakout from a triangle pattern. Possible Long Trade : Entry: Consider entering a long position (buying CAD/JPY) above the broken resistance trendline of the triangle after confirmation. Ideally, this would be around 114.40 or higher if the price continues to...
USD/CAD is falling towards a support level which is a pullback support that aligns with the 23.6% Fibonacci retracement and could bounce from this level to our take profit. Entry: 1.3676 Why we like it: There is a pullback support level which lines up with the 23.6% Fibonacci retracement. Stop loss: 1.3653 Why we like it: There is an overlap support level which...
Greetings Traders, In today's trading session, our focus is on NZDCAD, where we see a promising buying opportunity emerging around the 0.83500 zone. NZDCAD has been traversing a downtrend but is currently undergoing a correction phase, drawing nearer to the retrace area near the 0.83500 support and resistance zone. Adding depth to our analysis, recent...
This 2 part video covers ... - USD Index, EURUSD, GBPUSD, AUDUSD, NZDUSD, USDCAD, USDCHF, USDJPY - S&P500, NASDAQ, GOLD, SILVER, CRUDE OIL Thank you for viewing! Leave any questions or comments in the comment section. I appreciate any feedback from my viewers! Like and/or subscribe if you want more accurate analysis. Thank you so much! May profits be upon you.
Hey Traders, in today's trading session we are monitoring AUDCAD for a buying opportunity around 0.90600 zone, AUDCAD is trading in an uptrend and currently is in a correction phase in which it is approaching the trend at 0.90600 support and resistance area. Trade safe, Joe.