USD/CAD recovered some of the losses and a long position at the ascending trend line was a good entry level. The next level to have in mind is the resistance at 1.2818 if the price runs above 100-day SMA.
Four days later, still too soon for me.
It rebounded from 1.2665 but I don't think this is the end of the drop. A breakout below 1.2650 and another drop to 1.2600 is still possible.
The drop did end after all. USD/CAD is rallying and I think it will test the local high at 1.2772. Above it the target is 1.2900.
USD/CAD broke out above 1.2772 and remains bulllish. I opened a long yesterday, I think I will keep it open until it reaches 1.2990.
USD/CAD is still inching upward but in a very corrective manner. I decided to close my long position and wait out the correction.
The USDCAD goes back to its 200 day EMA at the 1.2811 level. From here the pair may try to bounce to the downside and maybe go back to its 55 day EMA, but a breakout of the 200 day EMA may take the USDCAD to the 1.3000 level.
USD/CAD is moving to the downside this week. I plan to buy at 1.2660.
The USDCAD is still boxed between the 200 day EMA and the 55 day EMA. No clear direction until it breaks out of those levels. Inside the range there may be trading opportunities in shorter time frames.
USD/CAD pulled back from 1.2746 and I think it will drop back to 1.2680, so I opened a short position.
USD/CAD rebounded from 1.2680 again and formed a double bottom. The pair is very bullish at the moment and I think it will rally to 1.2830.
USD/CAD reached 1.2830 as I thought it would. I think that the pair will keep moving north for the time being and it will reach 1.2900.
USD/CAD reached 1.2900 today. Unless it forms a triple top at that level and pulls back from it I think the pair will continue rising to 1.3000 - 1.3040.
The Canadian dollar did not make any significant moves this week. Tomorrow's data might change that!
A triple top at 1.2900 and a pullback was certainly a possibility and that's what happened. I think the pair will depreciate back to 1.2700.
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.
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