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Weekly forecast US Dollar / Canadian Dollar technical chart
Symbol USDCAD

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Trade Setup

#USDCAD
Total Profit: 3229 pip
Closed trade(s): 609 pip Profit
Open trade(s): 2620 pip Profit
_______________________________________________
Trade Setup:
We opened 13 SELL trade(s) @ 1.3503 based on 'Peak' entry method at 2016.12.29.

Closed Profit:
TP1 @ 1.3400 touched at 2016.12.30 with 103 pip Profit.
TP2 @ 1.3315 touched at 2017.01.04 with 188 pip Profit.
TP3 @ 1.3185 touched at 2017.01.06 with 318 pip Profit.
103 + 188 + 318 = 609 pip

Open Profit:
Profit for one trade is 1.3503(open price) - 1.3241(current price) = 262 pip
10 trade(s) still open, therefore total profit for open trade(s) is 262 x 10 = 2620 pip
_______________________________________________

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Sell Zone (1.3555 to 1.3635). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

We would set sell orders based on Daily-Trading-Opportunities and expect to reach short-term targets.

  • Beginning of entry zone (1.3555)
    • Resistance on 12/23/2016
    • Resistance on 11/18/2016
  • Ending of entry zone (1.3635)
    • Support on 02/04/2016
DateJanuary 7, 2017 - 10:47
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • There is no trend in the market and the price is in a range bound, but we forecast beginning of downtrend.

Technical analysis:

  • A peak is formed in daily chart at 1.3600 on 12/28/2016, so more losses to support(s) 1.3185, 1.3085, 1.2835 and more depths 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 40.

Take Profits:

  1. 1.3400
  2. 1.3315
  3. 1.3185
  4. 1.3085
  5. 1.2835
  6. 1.2665
  7. 1.2465
  8. 1.2125
  9. 1.1920
  10. 1.1425
  11. 1.0650
  12. 0.9405
Click on the level to view price action history.
Symbol Released Current Forecast
US Dollar / Canadian Dollar (USDCAD) 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.