USD/CAD: On the monthly time frame I can see a Bullish "Cup

Tian Kriek

Analyst


September 13, 2019 05:42 AM

BEARISH

Daily Trading Range:
USD/CAD: On the monthly time frame I can see a Bullish "Cup and Handle" price pattern. This means that the market is likely to continue higher. The Weekly Up Fibs are retracing as price is moving to the outer trend line. The Daily Fibs are in a Down ABCD swing with the D extension @ 1.2710. I see a Bearish Crown on the 2 Hour chart and the right tip has not been established. Therefore I expect a retracement to roundabout 1.3300 to establish the right tip. My plan is to buy to the right tip and then sell again once the right tip has been reached

Daily Chart

Daily Chart

Daily Support and Resistance

Resistance 3: 1.3270
Resistance 2: 1.3300
Resistance 1: 1.3450
Current Price 1.3224
Support 1: 1.3000
Support 2: 1.2800
Support 3: 1.2500

Two Hour Chart

Two Hour Chart
The market is moving can you keep up?