The USDCAD may provide some interesting intraday and swing trading opportunities. Weekly chart shows price action is above a key level after a bounce. Price action is above the 200ma.
Bard, it looks to me like a bearish pennant pattern in progress. I attach the Daily chart but you see the same pattern on the Weekly. I will watch the price action next week for a break below the lower pennant line.
So I’m going with the probability that the Euro is weakened due to the Brexit as well as the Sterling. I’ll be looking to short both intraday. First EURUSD may offer a nice short opportunity.
Weekly chart shows that 1.0820 a viable area to take profit from.
1h is where I’d look to go short. If price decides to retest the 1.1214 level I’ll place a limit order off that level. If price moves down significantly after today’s open I’ll just enter after a pullback to the 20ema.
I’ll be looking at the 5m chart to short this pair. It’s so volatile it may pullback which is where I’ll enter some trades and trail my stops to 1.3505.
Entered long on after an engulfing candle (which is hi lighted on the chart)at 1.3020 placed my SL below the candle prior the engulfing bar at 1.2990 for a 30 pip SL and a 60 pip take profit, nice simple 2:1 rr trade.
Got my pullback to the 20ema in progress with a bearish engulfing bar, just waiting for the candle close to enter short. Going to place my SL above the swing of the candle prior the engulfing bar at 1.1047. I’ll aim for a 2:1 and move my SL to break even once price moves at least 25-30 pips in my favor.
Executed 2 intraday trades on the 5m chart. 1 loss 1 win. First trade I entered after price rejected off of the 1.3227 level. But price came back and took my SL out at 1.3246. Saw another opportunity when price moved back to 1.3227 and closed below it again. Entered at 1.3223. Placed my SL at 1.3250 and exited after the formation of the pin bar closed at 1.3148. Nice 2.5 rr trade.
