USDCAD technical analysis

  • Fake Out Counter Trend trade.

  • 1.3520 possible.

  • Friday’s high taken out.

  • Counter trend setup.

MEGATREND MAs: Bearish

D1 chart USDCAD

USDCAD

  1. Order block.

  2. Double bottom.

  3. Fakeout long.

  4. Target zone.

  5. TP.

The USD/CAD has made 135 pips in the last 14 days. This indicates a volatile market as we have more than 100 pips of the ATR. The ATR is the most precise and most accurate indicator of intraday volatility and its projections are very accurate.

On the Daily chart we can clearly see a fakeout setup which happened on Friday and it is confirmed today. The market is making a breakout above the Friday’s high and we might see the upper MA hit which is the first target 1.3456. If the market proceeds higher than we might expect 1.3502 followed by 1.3520. This is a counter trend setup and the long entry has happened today. 

The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.

Recommended Content


Recommended Content

Editors’ Picks

EUR/USD edges lower toward 1.0700 post-US PCE

EUR/USD edges lower toward 1.0700 post-US PCE

EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.

EUR/USD News

GBP/USD retreats to 1.2500 on renewed USD strength

GBP/USD retreats to 1.2500 on renewed USD strength

GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.

GBP/USD News

Gold struggles to hold above $2,350 following US inflation

Gold struggles to hold above $2,350 following US inflation

Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses. 

Gold News

Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium

Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000

Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors. 

Read more

Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too

Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too

Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.

Read more

Majors

Cryptocurrencies

Signatures