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.
The pair is now at the 50SMA, strong support is seen at 1.31.
USDCAD had a good week of upward move, i think next one would be a continuation of consolidation.
The USDCAD is still consolidating just above the 1.2800 level and it has formed what it appears to be a flag. To the upside, the 1.3000 level may act as resistance, to the downside the 200 day EMA around the 1.2735 level could act as support.
This pair has been boring lately. I expect some minor downturn.
The pair looks neutral, i’ll be staying out for now.