Open trading account 
sourcehello everyone ,,,
USDCAD looks to have the most potential in terms of a clean technical pattern going into the new week. I actually mentioned this pattern on Thursday of last week noting the bullish pin bar that had formed the day before.
Between late January and mid April the pair found itself ranging between 1.2380 and 1.2800 before breaking to the downside on April 15th. Despite the break of support, USDCAD remains well supported above 1.2000.
Market Movers
This horizontal level intersects with trend line support from September of 2014, giving buyers a nice confluent area to trade from. The bullish pin bar on Wednesday gave us further confirmation that buyers like the odds of a push higher from current levels.
There is also a minor double bottom that formed between the April low of 1.1940 and the low of Wednesday’s pin bar. The pattern is best viewed on the 4 hour time frame.
From here we can look to buy Wednesday’s pin bar in anticipation of a move back to recent lows at 1.2380. This level also represents the 50% retrace from the March high to the April low.
Summary: Opportunity to buy Wednesday’s bullish pin bar. Key resistance comes in at 1.2380 and 1.2800 with a minor resistance level at 1.2200. A move below 1.1940 would invalidate the setup.
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thank you all of you ,,
USDCAD looks to have the most potential in terms of a clean technical pattern going into the new week. I actually mentioned this pattern on Thursday of last week noting the bullish pin bar that had formed the day before.
Between late January and mid April the pair found itself ranging between 1.2380 and 1.2800 before breaking to the downside on April 15th. Despite the break of support, USDCAD remains well supported above 1.2000.
Market Movers
- Wednesday: Core Retail Sales + Retail Sales (USD) @ 8:30am EST
- Thursday: PPI + Unemployment Claims (USD) @ 8:30am EST
- Friday: Manufacturing Sales (CAD) 8:30am EST, Prelim UoM Consumer Sentiment (USD) @ 10am EST
This horizontal level intersects with trend line support from September of 2014, giving buyers a nice confluent area to trade from. The bullish pin bar on Wednesday gave us further confirmation that buyers like the odds of a push higher from current levels.
There is also a minor double bottom that formed between the April low of 1.1940 and the low of Wednesday’s pin bar. The pattern is best viewed on the 4 hour time frame.
From here we can look to buy Wednesday’s pin bar in anticipation of a move back to recent lows at 1.2380. This level also represents the 50% retrace from the March high to the April low.
Summary: Opportunity to buy Wednesday’s bullish pin bar. Key resistance comes in at 1.2380 and 1.2800 with a minor resistance level at 1.2200. A move below 1.1940 would invalidate the setup.
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thank you all of you ,,
