USDCAD Long | Technical Analysis
The pair appears on track to test the confluence of 23.6% of 1.4690-1.2461 (1.2987) and 61.8% of 1.1920-1.4690 (1.2978). WTI Oil and Brent Oil advanced more than 1% as strike in Norway threatened to cut output in Western Europe’s biggest producer (Latest Forex-News).
USDCAD Cypher 1h Long
Growing USD strength in the wake of the Brexit referendum is presenting a serious challenge to the relatively low USDCAD pair. Consequently, there could be a sizable recovery in store for the Loonie in the coming weeks, especially as the chaos in Britain worsens. Specifically, the technicals are now suggesting that the recent bullishness of the pair could be extended even in the absence of another major Brexit-related upset (Latest Forex-News).
USDCAD Potential Long Cypher
Go long after bullish price action on the H1 time frame following the next touch of 1.2943 or 1.2900. Place the stop loss 1 pip below the local swing low. Adjust the stop loss to break even once the trade is 20 pips in profit. Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride. Cypher pattern nearing completion inside of what looks to a be a bullish flag formation. Entry: 1.2939 S/L: 1.2879 TP1: 1.3006 TP2: 1.3049 (Latest Forex-News).
USDCAD Latest Forex-News
Go short after bearish price action on the H1 time frame following the next touch of 1.3080 or 1.3133. Place the stop loss 1 pip above the local swing high. Adjust the stop loss to break even once the trade is 20 pips in profit. Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride. A Shark could be in play. TP 1.29175
USDCAD Trades Below Targets
Major Intraday resistance – 1.3057 (Hourly Kijun-Sen) Major support – 1.2990 (Yesterday Low) Lonnie has retreated after making a high of 1.31240 and declined from that level. It is currently trading around 1.29939. Short term trend is slightly bearish as long as resistance 1.3060 holds. On the higher side, major intraday resistance is around 1.3060 and any break above targets 1.3100/1.3125 (Jun 28th high). The major support is around 1.2990 any violation below 1.2990 will drag the pair down till 1.2960 (90 H EMA)/1.2920/1.2888 (daily Kijun-Sen). It is good to sell on rallies around 1.29925-1.29950 with SL around 1.3060 for the TP of 1.2925/1.2885.
Yesterday’s signals were not triggered as although the resistance level at 1.3080 was reached, the bearish price action that occurred too place too high for it to be a valid short trade entry signal.