The USDCAD pair has been trading within a Channel Up since last September (2021). So far it has had three clear Higher Highs and two Higher Lows. Right now the price is very close to that Higher Lows (bottom) trend-line of the pattern and when the 1D MACD makes a Bullish Cross, it will be a confirmed buy.
The last symmetrical position for the pair was in Jan 13 - 20 2022, where the price rebounded without making a solid Higher Low. That rise reached higher than the 0.618 Fibonacci retracement level, so using that model, we are setting a medium-term target of 1.28625 on this pair.
On the other hand, be prepared to cut losses quickly if the price breaks below the Higher Lows trend-line of the Channel Down, and sell instead towards the -0.618 Fib extension (1.21750).
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The last symmetrical position for the pair was in Jan 13 - 20 2022, where the price rebounded without making a solid Higher Low. That rise reached higher than the 0.618 Fibonacci retracement level, so using that model, we are setting a medium-term target of 1.28625 on this pair.
On the other hand, be prepared to cut losses quickly if the price breaks below the Higher Lows trend-line of the Channel Down, and sell instead towards the -0.618 Fib extension (1.21750).
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** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
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I trade Crypto, Forex, Indices & Commodities on PrimeXBT — all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
免责声明
这些信息和出版物并非旨在提供，也不构成TradingView提供或认可的任何形式的财务、投资、交易或其他类型的建议或推荐。请阅读使用条款了解更多信息。