Technical Analysis

Latest Forex-News | USDCAD Analysis

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).

 Latest Forex-News - USDCAD Analysis 1

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).

Latest Forex-News - USDCAD Analysis 2

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).

Latest Forex-News - USDCAD Analysis 3

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

Latest Forex-News - USDCAD Analysis 4

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.

Latest Forex-News - USDCAD Analysis 5

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.

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Andrew Pial

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