On October 22 2020 I posted on social media Stocktwits/Twitter @AidanFX  “USDCAD Sold/Short at 1.3142 Stop Loss 1.3177 Target 1.3107-1.3072 area.” The chart below of the USDCAD pair shows a bearish Lower Low/Lower High sequence (light blue) signalling the pair is in a down trend. A bearish divergence pattern (pink) formed when price chart registered a Lower High but oscillator indicator was registering a Higher High. This was a signal to traders that USDCAD  found a possible resistance area and the pair could reverse lower. Combining the bearish divergence market pattern together with price hitting and reacting lower off the Dynamic Support/Resistance moving average (dark blue) was enough for me to call the SELL/SHORT trade looking to hit the minimum 1:1 RR – 1:2 RR target zone below. Stop loss was set at the previous Lower High where the bearish divergence pattern formed. At the moment USDCAD has still not hit the proposed minimum target zone and we will continue to expect for price to move lower this coming trading week as long as price does not reverse higher and hit the stop loss. The pair has a high probability  to extend lower towards the 1.3040-1.3020 area.

USDCAD 1 Hour Chart October 22 2020

Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade.  Hope you enjoyed this article and follow me on Twitter for updates and questions> @AidanFX  or chat me on Skype > EWF Aidan Chan

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On September 17 2020 I posted on social media Stocktwits/Twitter @AidanFX  “USDCAD Will be looking for BUYS as long price stays above 1.3126.” The chart below was also posted September 17 2020 showing that bullish market patterns were visible calling for a move higher. Bullish Pattern (grey) triggered BUYS with a combination of a bullish divergence pattern  formation (light green) and a key support/resistance level (black). This triple bullish confirmation allowed me to call the move higher and advise traders that the pair would push higher.

USDCAD 4 Hour Chart September 17 2020

Shifting to the 1 hour chart below, USDCAD was already signalling bulls that the support/resistance (black) was a key level where price can bounce higher from. There was a couple of previous bullish patterns that also triggered BUYS near the support level. By using the support level as a key area to look for buys the final bullish pattern was easier to spot which triggered buyers at the XA 0.886% Fib. retracement level.

USDCAD 1 Hour Chart September 18 2020

USDCAD eventually rallied higher and hit the 1:5 RR BUY target at 1.3402 from 1.3152 for +250 pips. A trader should always use multiple time frame charts to look for possible trade entries and always use multiple trading strategies to confirm the trade. If you followed me on Twitter/Stocktwits @AidanFX you too could have caught the USDCAD move higher.

USDCAD 4 Hour Chart September 24 2020

Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade.  Hope you enjoyed this article and follow me on Twitter for updates and questions> @AidanFX  or chat me on Skype > EWF Aidan Chan

At Elliottwave-Forecast we cover 78 instruments (Forex, Commodities, Indices, Stocks and ETFs) in 4 different timeframes and we offer 5 Live Session Webinars everyday. We do Daily Technical Videos, Elliott Wave Trade Setup Videos  and we have a 24 Chat Room. Our clients are always in the loop for the next market move.

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The chart below of the USDCAD pair was posted on social media StockTwits/Twitter @AidanFX July 21 2020 showing that a bearish market pattern (light blue descending triangle) formed and triggered SELLS when price broke below the triangle. A bearish Head and Shoulders (purple)  pattern also signalled sellers to enter on the breakout below the neckline which was also the same bottom trend line of the triangle pattern. Bearish divergence pattern (pink) formed in June 2020 and was clearly visible which signalled traders to look for possible selling opportunities.

I called for traders to SELL USDCAD and only a move above the triangle pattern and above the top of the right shoulder of the H&S pattern would invalidate the SELL trade setup. Stop loss was set above the right shoulder of the H&S pattern targeting the green 1:1 RR and 1:2 RR targets.

USDCAD 4 Hour Chart July 21.2020

USDCAD 4 Hour Chart August 13.2020

USDCAD continues lower  and on August 13 2020 price reaches the 1:2 RR target at 1.3193 from 1.3493 1st entry for +300 pips. The 2nd SELL entry (dark blue) was tweeted August 6.2020 and also hit the 1:2 RR target at 1.3195 from 1.3345 entry for +150 pips. If you followed me on Twitter/Stocktwits @AidanFX you too could have caught the USDCAD move lower.

Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade.  Hope you enjoyed this article and follow me on Twitter for updates and questions> @AidanFX  or chat me on Skype > EWF Aidan Chan

At Elliottwave-Forecast we cover 78 instruments (Forex, Commodities, Indices, Stocks and ETFs) in 4 different time frames and we offer 3 Live Session Webinars everyday. We do Daily Technical Videos, Elliott Wave Trade Setup Videos  and we have a 24 Chat Room. Our clients are always in the loop for the next market move.

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On July 7 2020 I posted on social media Stocktwits/Twitter @AidanFX  “USDCAD I will continue looking for SELLS as long price stays below 1.3624. It’s entering the area where can possibly turn lower.“

The chart below was posted on social media StockTwits/Twitter @AidanFX July 8 2020 showing that a bearish market pattern (blue) formed signalling sellers that the pair would move lower from the XA 1.618% Fib. retracement level. A bearish divergence pattern (pink) also formed and was clearly visible which was the second signal to sellers that USDCAD would move lower. Bearish blue and pink market patterns terminated at the light blue support/resistance level and reversed lower which offered the third signal to sellers that the pair would continue lower. Fourth bearish signal was when the momentum indicator crossed below the low of the bearish divergence pattern black trend line which then confirmed the SELL entry (light blue oval). I called for traders to SELL USDCAD and only a move above the point D of the blue bearish pattern would invalidate the SELL trade setup. Stop loss was set above the blue point D high targeting the green 1:2 RR and 1:3 RR targets. USDCAD hit and broke below the 1:3 RR target at 1.3508 from the 1.3598 sell entry for a +100 pip move. If you followed me on Twitter/Stocktwits @AidanFX you too could have caught the USDCAD move lower.

USDCAD 30 Minute Chart July 8 2020

Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade.  Hope you enjoyed this article and follow me on Twitter for updates and questions> @AidanFX  or chat me on Skype > EWF Aidan Chan

Always use proper risk/money management according to your account size

At Elliottwave-Forecast we cover 78 instruments (Forex, Commodities, Indices, Stocks and ETFs) in 4 different timeframes and we offer 5 Live Session Webinars everyday. We do Daily Technical Videos, Elliott Wave Trade Setup Videos  and we have a 24 Chat Room. Our clients are always in the loop for the next market move.

Try Elliottwave-Forecast for 14 days FREE !!!   Just click here –> 14 day FREE trial

USDCAD Technical Analysis

On April 27/2020 I posted on social media (Stocktwits/Twitter) @AidanFX  “USDCAD Still possible the pair can extend lower below 1.4000. Possible momentum breakout lower at 1.4038“

USDCAD 1 Hour Chart April 27.2020 : The chart below was also posted on social media (StockTwits/Twitter) @AidanFX April 27/2020 showing that a bearish flag breakout pattern (black) has formed and needed a break below 1.4038 to confirm momentum of the breakout. I called for traders to watch for SELLS on the break below 1.4038 as long as price respects the moving average (light blue).

 

USDCAD 1 Hour Chart April 27.2020 : Price respects the moving average (light blue) and breaks below 1.4038 triggering the SELL trade. A bearish Momentum Breakout Pattern (light green) was visible on the top indicator and on the price chart signalling that a break below 1.4038 will push the pair lower. Bearish divergence (purple) was visible and the bottom indicator also confirmed the SELL trade when it broke below the green trend line.

 

USDCAD 1 Hour Chart April 28.2020 : The pair moves lower continuing to respect the moving average (light blue) and hits the 1:2 RR target (green) for +90 pips. The move lower did not show any indication of a possible move higher so I continued to hold the SELL trade looking to see a downside continuation. As long as price did not hit the stop loss the pair remained bearish.

USDCAD 1 Hour Chart April 30.2020 : Price remained trading below the moving average (light blue) confirming the downside trend was still active. The pair eventually hit the 1:4 RR target (green) for +180 pips. If you followed me on Twitter/Stocktwits you too could have caught the USDCAD breakout move lower.

Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade.  Hope you enjoyed this article and follow me on Twitter for updates and questions> @AidanFX  or chat me on Skype > EWF Aidan Chan

*** Always use proper risk/money management according to your account size ***

At Elliottwave-Forecast we cover 78 instruments (Forex, Commodities, Indices, Stocks and ETFs) in 4 different timeframes and we offer 5 Live Session Webinars everyday. We do Daily Technical Videos, Elliott Wave Trade Setup Videos  and we have a 24 Chat Room. Our clients are always in the loop for the next market move.

Try Elliottwave-Forecast for 14 days FREE !!!   Just click here –> 14 day FREE trial