USDCAD holds onto the Ending Wedge

[PIA_First_IC]

No full trigger as yet but signs that USDCAD may turn bullish. We have FOMC tonight so a high risk trade but high returns:

 

1. 78.6% pullback at 1.2245
2. Ending wedge formation. Measured move target is 1.2590
3. Long-term bespoke support at 1.2287

In regards to the PIA analysis, no representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result.

[PIA_First_IC]

Monthly close above bespoke support at 1.2287

[Guest oilfxpro]

All you need is simple analysis like this  and fundamental dollar strength drivers.Dollar is strong against  jpy , aud  , nzd, cable   but euro is also strong due to improved fundamentals.

 

https://community.ig.com/t5/Foreign-Exchange-FX/USD-CAD-long-term-supports/m-p/20158#M2584

 

https://www.ig.com/uk/marketanalysis/ig-forex/aud-usd

 

https://www.ig.com/uk/marketanalysis/ig-forex/usd-cad

 

The USDCAD is now a trade  because dollar is bullish , there are big bullish candles showing bullish reversal on usd, this is mainly due to fundamentals.

[PIA_First_IC]

Hi

 

Thank you again for you input. The AUDUSD and USDCAD trade ideas were issued and executed from our medium term reports purely on a technical basis and our grey box system.

 

This was way before the fundamental element ‘lined up’ on Friday

 

Have a great weekend 

[Guest oilfxpro]

[Guest oilfxpro]

Here is how I would enter now , as there is good support below.This now looks very good price action in hindsight  price action course.

 

[PIA_First_IC]

Hitting bespoke resistance so we no longer look for higher levels

[Guest oilfxpro]

If you are bullish usd index , why not look for bigger profits? There is a contradiction in this bullish beliefs.No logic here , it does not make sense.

 

https://community.ig.com/t5/Foreign-Exchange-FX/USD-INDEX-looks-to-be-forming-a-bullish-intraday-reverse-reverse/m-p/22042#M2880

 

[PIA_First_IC]

and yet it turns from our bespoke resistance !!!!!

[Guest oilfxpro]

This is short term intraday thinking , but a medium signal would  go for running profits, especially as fed expect to raise further and major long term supports .