USDCAD TRADE SETUP

Technically, below are my trade insights for the Loonie.

Daily Chart:

  • Price approaching the 200 period SMA (resistance zone)
  • Perfect Gartley pattern formed with current price retesting the 127.2 Fibonacci extension level of the BC trend.
  • Hanging man (bearish candlestick reversal pattern) formed.
  • Double Top chart pattern spotted (July resistance)

4hr Chart:

  • ABCD pattern formed
  • Price tested twice the Murray Math +1/8 Overshoot level on both daily and 4hr.
  • Price retesting upper trendline (former lower channel support line turned resistance)

1hr Chart:

  • Head and shoulder pattern developing with shooting star and inside bar candles formed at the second shoulder.

Possible target for this pair could be

  • 1.31400 Proven support level and neckline
  • 1.29900 61.8 Fibonacci retracement level of CD

Trade wisely!!!

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