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Weekly forecast US Dollar / Canadian Dollar technical chart
Symbol USDCAD
Trade Setup

#USDCAD
Total Profit: 3732 pip
Closed trade(s): 1297 pip Profit
Open trade(s): 2435 pip Profit

Trade Setup:
We opened 9 BUY trade(s) @ 1.2154 (day close price) based on 'Peak' at 2021.06.11 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/U...

Closed Profit:
TP1 @ 1.2199 touched at 2021.06.15 with 45 pip Profit.
TP2 @ 1.2359 touched at 2021.06.17 with 205 pip Profit.
TP3 @ 1.2470 touched at 2021.06.18 with 316 pip Profit.
TP4 @ 1.2885 touched at 2021.08.20 with 731 pip Profit.
45 + 205 + 316 + 731 = 1297 pip

Open Profit:
Profit for one trade is 1.2641(current price) - 1.2154(open price) = 487 pip
5 trade(s) still open, therefore total profit for open trade(s) is 487 x 5 = 2435 pip

Trading suggestion:

  • We have already opened Buy trades, based on Trend Hunter Strategy, trade setup is drawn on the chart and shows entry and targets.
  • If the Midterm level 1.22840 is broken, we will close open trades.
DateJanuary 8, 2022 - 20:47
Currentrange bound
Forecastresumption of downtrend

Midterm forecast:

  • While the price is below the resistance 1.29470, resumption of downtrend is expected.
  • We make sure when the support at 1.22840 breaks.
  • If the resistance at 1.29470 is broken, the short-term forecast -resumption of downtrend- will be invalid.
  • We will close our open trades, if the Midterm level 1.22840 is broken.

Technical analysis:

  • There is a divergence in RSI and price between the peak at 1.27987 on 2021-11-26 and the peak at 1.2963 on 2021-12-20, the probability of uptrend continuation is decreased and the probability of resumption of downtrend is increased.
  • A peak is formed in daily chart at 1.2963 on 12/20/2021, so more losses to support(s) 1.2638, 1.2518, 1.2470 and minimum to Major Support (1.2284) is expected.
  • Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
  • Relative strength index (RSI) is 43.

Take Profits:

  1. 1.2199
  2. 1.2359
  3. 1.2470
  4. 1.2885
  5. 1.3420
  6. 1.3710
  7. 1.4050
  8. 1.4660
Click on the level to view price action history.
Symbol Released Current Forecast
US Dollar / Canadian Dollar (USDCAD) new Sun, 14 Apr 2024
US Dollar / Canadian Dollar (USDCAD) Sat, 6 Apr 2024
US Dollar / Canadian Dollar (USDCAD) Sat, 30 Mar 2024
US Dollar / Canadian Dollar (USDCAD) Sat, 23 Mar 2024
US Dollar / Canadian Dollar (USDCAD) free Sun, 17 Mar 2024
History
Daily-Trading-Opportunities on USDCAD.