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.

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