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Usdcadlong

USDCAD Long: Excellent Buying Opportunity To Take Now!USDCAD is giving us an awesome entry to go long. The trigger for this trade is an ending diagonal pattern (the wedge shape between the dotted lines). Why do we like this setup do much? A diagonal pattern is a sign of exhaustion. The choppy, shallow-sloped, overlapping price action is an excellent sign that price is weakening, and is due for a change in trend. Clear momentum divergences on the MACD and RSI support this idea as well. On top of this, the pattern comes at the very end of another pattern we love to see: an expanded flat (as outlined by the (A)(B)(C) labels). This gives even more confluence to our idea, as a flat pattern is one of the core corrective patterns we trade here at Parallax. Exactly how you enter is up to you. You can enter now, or wait for the highs around 1.2950 to be breached first. Regardless, the invalidation level for this trade is 1.2766; price must not move past that level for this wave count to remain valid. This trade setup was created using the rules and guidelines of the Elliott Wave principle. We love the Wave Principle: it's our #1 choice when it comes to forecasting and technical analysis. We strongly believe that no other trading system gives you the same level of confidence when trading. The wave principle provides a rules-based approach for trade entry and exit, as well as active position management. At Parallax, we focus on wave analysis and 1-on-1 education to build a foundation of skills that give our clients the edge. We trade Crypto, Forex (FX), and equities. We keep our analysis simple, clear, and easy to execute. Comment below if you would like to see more trade ideas, Elliott wave analysis, and market updates.
Long
by ImreSG
2
USDCAD M30: Bearish outlook seen, further downside below 1.2850On the M30 time frame, a pullback to the resistance zone at 1.2850, in line with the graphical resistance area and 78.6% Fibonacci extension presents an opportunity to play the drop. A break below our downside confirmation level at 1.2835 could provide the bearish acceleration to our support zone at 1.2790. This support zone coincides with the 78.6% Fibonacci retracement. Prices are holding below the Ichimoku cloud indicator as well, supporting the bearish bias.
Short
by T3-Consultancy
USDCAD High probability SellHi Traders, USDCAD is setting up for a sell opportunity. Looking at the HTF we can see that price made an strong impulse push down followed by a bearish correction to indicate another impulse is likely to occur. We can also see a bearish H&S pattern to add confluence to this trade opportunity. Looking on the LTF we can see price failed to push any higher and created another H&S pattern inside the HTF to tell us further downside may happen. Trade Safe Thanks.
Short
by ktlfx
USDCAD H4: Bearish outlook seen, reversal below 1.2890On the H4 time frame, prices are approaching the resistance zone at 1.2890, in line with the Fibonacci confluence levels where we could see further downside below this zone to the intermediate support target at 1.2780 which coincides with the graphical support. A break below the 1.2780 intermediate support target could provide the bearish acceleration to the support area at 1.2680. Prices are holding below the Ichimoku cloud indicator as well, supporting the bearish bias.
Short
by T3-Consultancy
USD/CAD Long IdeaHello Traders USD/CAD is possibly moving up. Here is why: 1- Price is moving inside of falling wedge(Reversal pattern). 2- We can see RD+ in RSI indicator, showing us a possible trend reversal. 3- Strong support zone in 1.27900 -1.27500. Invalidation: IF price breaks and stays below 1.275. If you like it then Support us by Like, follow and share. Thanks For Reading Team Fortuna -RC (Disclaimer: Published ideas and other Contents on this page are for educational purposes and does not include financial recommendation. Trading is Risky, so before any action do your own research.)
Long
by FortunaInvestments
USDCAD Long Trade IdeaThere's been a long trade opportunity on the dollar-loonie trading chart, following the fake breakout of the price below the 1.28194 horizontal support level. This signals a buy because of the bullish harami candlestick pattern; with the bullish candle closing above the same support level. You can enter the trade around the 1.28294 price level and set your stop below the fakeout candles. Your profit target can be anywhere between your entry price and the 1.32000 psychological level. Have fun trading!
Long
by charles-okoukoni
USDCAD M30: Bearish outlook seen, potential reversal on pullbackOn the M30 time frame, prices are holding below the descending channel where a pullback to the resistance zone at 1.2870, in line with the 61.8% Fibonacci retracement presents an opportunity to play the drop to the support target at 1.2780. This support zone lines up with the -27.2% Fibonacci retracement and descending channel’s support. Failure to hold below the 1.2780 resistance zone could see prices push higher to test the resistance zone at 1.2910. Prices are holding below the Ichimoku cloud as well, supporting the bearish bias.
Short
by T3-Consultancy