The BoC rate decision announcement today caused a 100 pips drop and USD/CAD is back to testing 1.2950. I think that if there's a breakout below that level it will continue dropping towards 1.2900 - 1.2870.
rob559 posted:
started going short nzdcad, grid style,spaced 100 pips,will hit the top soon and then reverse,i'm on day chart
That escalated quickly!
Keep at it
The pair has almost reached 1.2900. I think that if there's a breakout below 1.2870 the pair will continue falling towards 1.2800.
USD/CAD found some support at 1.2855 and bounced off of it after forming a double bottom and a spinning top candlestick on the one-hour time frame. I think its next target is likely 1.2970 - 1.2980.
Jul 17 2016 at 10:23
Neutral on this one.
Positivity
Jul 18 2016 at 03:40
No clear direction on the USDCAD, the 1.2900 is acting as support and the 1.3000 level as resistance.
USD/CAD just broke above 1.2980. I think the move to the upside will continue and we will see it reach the resistance zone around 1.3110 - 1.3120.
Jul 18 2016 at 20:35
Magiic posted:rob559 posted:
started going short nzdcad, grid style,spaced 100 pips,will hit the top soon and then reverse,i'm on day chart
That escalated quickly!
yes it did
with some experience those things are easy to predict
https://www.mql5.com/en/charts/5478078/nzdcad-d1-international-capital-markets
The pair is still struggling to break above 1.3020, but unless it forms a double top here the move to the upside will continue, I think.
Jul 19 2016 at 10:26
Bearish on the pair.
Positivity
The pair bounced off 1.3095 and the last closed candlestick on the four-hour time frame is a doji, I think there will be a move to the downside towards 1.3000 - 1.2990.
Jul 21 2016 at 08:25
Target Level : 1.3025
Target Period : 6 hours
Analysis :
Triangle identified at 21-Jul-00:00 2016 GMT-2. This pattern is still in the process of forming. Possible bearish price movement towards the support 1.302 within the next 6 hours.
Supporting Indicators :
Downward sloping Moving Average
Resistance Levels :
( B ) 1.3076Last resistance turning point of Triangle.
Support Levels
( A ) 1.3025Last support turning point of Triangle.
The pair also formed a shooting star candlestick on the four-hour time frame below the resistance at 1.3095, but the pair is still consolidating sideways. Time will tell whether these signals are valid or not.
The pair is back to testing 1.3170. I don't have any positions open at the moment though, I might wait to see what the results of the FOMC statement will be first before I open new ones.
I think the pair will be stuck in the sideways consolidation that started yesterday between 1.3240 and 1.3190 until the Federal Funds rate announcement tomorrow.
USD/CAD is quite bullish, but it still hasn't broken above 1.3240 and I doubt that will happen before the FOMC statement later today.
USD/CAD formed a doji candlestick above the support at 1.3120 on the four-hour time frame and I opened a long position with target 1.3180.
USD/CAD seems to be in freefall right now. The nearest target is 1.3020 and I think it will likely reach it especially if it breaks below 1.3050.
Aug 01 2016 at 05:33
The USDCAD stalls at the 1.3000 level, a breakdown could take it to the 1.2900 level, but a bullish bounce could take it to the 1.3100 level.
