Technical Analysis

USDCAD – Bullish Shark Pattern on Daily Chart

USDCAD – Bullish Shark Pattern on Daily Chart

Shark patterns ideally have 3 PRZs. This shark pattern has 2 PRZs, wherever PRZ 1 is invalid IF price goes way beyond that zone. The cut in oil production did not affect USDCAD drastically, price is settling near the bottom of the daily ed channel. If pattern completes at PRZ 1 before the Fed interest rate decision and FOMC, i’ll be looking to long this pair. Market sentiment is toward the rise in interest rate, and the risk : reward ratio is nice for this crab pattern at 3.82 (PRZ 1) and 5.4 (PRZ 2). i’ll update when pattern completes.

Daily Chart

In Other View Point – USDCAD bearish bat pattern

On the USDCAD 15MIN chart we have a potential bearish bat pattern. Completion and entry at point D. Entry: 1.31369 Stop Loss: 1.31428 Take Profit: 1.31265 = R:RR 1.76

Daily Chart

In Other View Point –  USDCAD: A Buying Opportunity

The market broke out wedge but moved back the wedge again.The wedge will work in the future. The price is testing the lower edge of the wedge again. So it is good to buy at 1.311 levels when price action gives the signal in the PRZ. Stop Loss :below 1.30 Take Profit 1:1.33 Take Profit 2:1.34 and further more

Daily Chart

In Another View Point – Long here on the USDCAD

The Stop Loss must be place below the X point (support). We got a good candidate for long here. On the daily TF the market is at the OS area already and hitting potential lower trend line.

Daily Chart

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Mohammmad Riad

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