Greetings Fellow Traders,
I've been waiting on posting this USDCAD update until we started to get much closer to one of the key technical levels that could be used as a trade opportunity. USDCAD, as was expected has finally broken past 1.34 an create a new yearly high. We are currently trading just under 1.35. If you've seen my other USDCAD analysis you know that we were trading well within a strong pattern called an Ascending Wedge. These patterns require a strong initial trend before forming and typically are a sign of a reversal relative to the time frame they appear on. In this case that means the daily/weekly chart.
I'm looking for price to reach the upper resistance on the ascending wedge shown on the chart above and looking to sell around 1.36-1.3650.
Please don't feel like you missed out of you don't get into the trade on the upper resistance...there is always a trade opportunity when it confirms the break of the lower support as well. Patience is key, let price get to a desired entry or no trade. I am also not saying that this is going to be the absolute high for USDCAD...remember the Wedge is still intact until the lower support is confirmed to be broken.
As a bonus, I don't trade OIL but I do hear quite a bit about the correlation between USDCAD and OIL being inverse....look at the daily/weekly on OIL...Descending Wedge Structure.
Please do your own analysis before entering a trade. If you enjoy these posts, feel free to comment, follow, or "like"
I've been waiting on posting this USDCAD update until we started to get much closer to one of the key technical levels that could be used as a trade opportunity. USDCAD, as was expected has finally broken past 1.34 an create a new yearly high. We are currently trading just under 1.35. If you've seen my other USDCAD analysis you know that we were trading well within a strong pattern called an Ascending Wedge. These patterns require a strong initial trend before forming and typically are a sign of a reversal relative to the time frame they appear on. In this case that means the daily/weekly chart.
I'm looking for price to reach the upper resistance on the ascending wedge shown on the chart above and looking to sell around 1.36-1.3650.
Please don't feel like you missed out of you don't get into the trade on the upper resistance...there is always a trade opportunity when it confirms the break of the lower support as well. Patience is key, let price get to a desired entry or no trade. I am also not saying that this is going to be the absolute high for USDCAD...remember the Wedge is still intact until the lower support is confirmed to be broken.
As a bonus, I don't trade OIL but I do hear quite a bit about the correlation between USDCAD and OIL being inverse....look at the daily/weekly on OIL...Descending Wedge Structure.
Please do your own analysis before entering a trade. If you enjoy these posts, feel free to comment, follow, or "like"
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Short on USDCAD - Good Luck :)
