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.
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
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
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.