Not only did USD/CAD depreciate to 1.2700 it fell below it to the support at 1.2670. I think that now there are two possible scenarios - the pair will either rebound from 1.2670 and start rallying, or there will be a breakout and a drop to 1.2600.
The USDCAD breaks again below its 55 day EMA, but this time it seems like the bearish momentum may continue and the pair may try to visit the 1.2600 level.
Good to enter long now imo.
IMO I’d wait for possible retracement liquidity seeking around 1.2620 and would get short to ride it while heading the 1.21s
My view is also that long is the proper trade, up to 1.2650. We may see that level this week given how the pair has been moving recently.
We’ll see then if wants to head to 1.3 or 1.2.
Looking to go long this week give a good entry point.
USD/CAD looks tasty to go long.
Price moved up a bit, hopefully it will continue to go higher.
Nice move to the upside!
USD/CAD would make a good short at 1.28.
Looking to go short at around 1.2750.
The pair some a significant climb this week. Looking to short at 1.29.
The Canadian dollar depreciated this week against the USD and EUR. More way to go imo.
Looking to go short soon.
USD/CAD is moving up nicely.
The Canadian dollar lost some points to the US dollar. US session could bring it back under 1.27.
The USDCAD finds a good support at the 200 day EMA on the 1.2742 level. The 1.2800 level along with the 55 day EMA keep acting as a good resistance. Above the 1.2800 level, its next resistance could be the 1.3000 level. Below the 1.2742 level, its next support could be the 1.2600 level.
I’m looking to go long at about 1.25-1.2450.
USDCAD Elliott Wave View: Calling Intraday Bounce
USDCAD Elliott Wave short-term view suggests that the bounce to 1.2942 high ended Intermediate degree wave (2). Then the decline from there is unfolding in an impulse sequence with an internal sub-division of each leg lower is showing 5 waves structure thus favored it to be an impulse. Below from 1.2942 high, Intermediate wave (3) remains in progress in 5 waves structure looking for 1 more push lower before a bounce in Intermediate wave (4) takes place.
Now let’s take a quick look at the short-term price action in the pair from 1.2942 high. The decline from there can be seen in 5 waves impulse sequence, where Minor wave 1 of (3) ended in 5 waves at 1.2744. Minor wave 2 of (3) ended 1.2818, Minor wave 3 of (3) ended in another 5 waves at 1.2543 low. And above from there Minor wave 4 of (3) bounce ended in 3 swings as a Flat structure at 1.2622 high. Below from there, the pair is expected to see another marginal push lower towards the inverse 1.236-1.618% ext area of Minor wave 4 at 1.2524-1.2493 area approximately to end the Minor wave 5 of (3) lower. However, in case of further downside extension pair can extend in Minor wave 5 of (3) towards wave 5=1 target area as well at 1.2418-1.2373 area before a bounce in intermediate wave (4) takes place against 1.2942 high. Which should then expected to fail in 3, 7 or 11 swings against 1.2942 high for further downside extension, so don’t like buying the pair into proposed bounces.
USDCAD Elliott Wave 1 Hour Chart
Tomorrow’s Core CPI will have an impact on the pair. I’m bearish on the Cad.