During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...
USD/CAD: loonie chooses the way
2019-11-11 • Updated
Recommendation: BUY 1,3505 SL 1,346 TP1 1,359 TP2 1,364.
On the USD/CAD daily chart, there is an attack on the diagonal support in the form of the upper border of the previous downward trading channel. If the Bulls manage to resist the Bears' attack, the risks for implementation of the inverted pattern 5-0 will increase. In contrast, if bears manage to test the aforementioned support, they will be able to implement the Wolfe Wave pattern.
On the hourly chart, USD/CAD is moving within the upward trading channel. Bulls might try to restore the trend once the "Head and shoulders" pattern is realized. You may consider opening the long position on the breakout of the resistance at 1.3505.
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Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...