USDCAD | Daily Forex Chart Analysis
After testing the area of 1.3080 in overnight trading, USDCAD has now returned to the 1.3030 region. The pair is now losing some upside momentum as the buying pressure around the buck seems to have eased somehow, coming down to visit the 1.3030 area after failing near 1.3100 the figure in early trade (Daily Forex Chart Analysis).
USDCAD | Potential Bearish Butterfly Pattern
The USDCAD advanced as much as 388 pips last Friday, and is now attempting to breakout to a new 20 Day High. Traders looking to join the bullish trend may look to place entry orders above the June 2 high at 1.3144. Current Daily ATR for the USDCAD reads at 133 pips. Traders looking for a 2X ATR move may plan for initial profit targets near 1.3410. Alternatively, a 4X ATR extension places targets near 1.3676 (Daily Forex Chart Analysis).
USDCAD Short | Forex Analysis Today
Traders may consider using a 1X ATR stop at 1.1188. This creates a 1:2 Risk/Reward ratio for an attempted breakout when an initial take profit point of 1.3011 is used. In the event that prices fail to breakout to a new 20 day high, traders may elect to delete any pending entry orders. If price action remains under 1.3100, it may signal further consolidation for the pair (Daily Forex Chart Analysis).
USDCAD | Targets Speculative Wolfe Wave
First want to point out that the Wolfe/Geo’ in this chart remains purely speculative. One cannot predict a Wolfe/Geo’ forming unless points 1-2-3 and 4 have been created. Here are the reasons I have put a potential outline for this WW. 1. To the left of the chart is a completed ab=cd pattern. Notice how point ‘a’ is not actually on a point? That is because I use the cd leg to define point a. You can notice this in my other posted charts as well. This is a cool trick you can use to define points 1 and 2 of your WW. 2. In the middle of the chart is a larger AB=CD pattern. Just like points 1 and 2, you can typically define points 2 and 3 with another AB=CD pattern. The rest of the WW/Geo’ remains to be seen. For now I have defined a target of 1.33346. Pay attention to the AB=CD pattern int he background as well.
USDCAD Price Breakout | Forex Analysis
This is an update for USDCAD, The pair is currently hovering around the trend line shown in the chart. we’re predicting for PRICE BREAKOUT. We hope our signals could be of best use for you, so SELL on 1.30423 and place your TARGET at 1.30223. As of writing the pair is up 0.18% at 1.3030 facing the initial hurdle at 1.3145 (high Jun.2) ahead of 1.3191 (high May 24) and finally 1.3326 (200-day sma). On the other hand, a breach of 1.2986 (23.6% Fibo of 2016 down move) would expose 1.2882 (20-day sma) and then 1.2863 (55-day sma).
The US Dollar v/s the Canadian Dollar is a popular currency pair due to the large amount of cross-border trading activity that takes place between The United States and Canada. The Canadian Dollar is often called ‘The Loonie’ because of the picture depicting a loon on the Canadian $1 coin. The Canadian Dollar is often considered a ‘Commodity Currency’ due to the large deposits of natural resources, especially Oil that is mined and exported from Canada; particularly with their neighbor to the south.