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Weekly forecast US Dollar / Canadian Dollar technical chart
Symbol USDCAD

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Trade Setup
#USDCAD
Total Profit: -248 pip
Closed trade(s): 0 pip Profit
Open trade(s): -248 pip Profit

Trade Setup:
We opened 8 BUY trade(s) @ 1.2687 (day close price) based on 'Hammer Two-day reversal candle' at 2021.02.16 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/U...

Open Profit:
Profit for one trade is 1.2656(current price) - 1.2687(open price) = -31 pip
8 trade(s) still open, therefore total profit for open trade(s) is -31 x 8 = -248 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.

DateMarch 6, 2021 - 23:59
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 1.24650, beginning of uptrend is expected.
  • We make sure when the resistance at 1.29550 breaks.
  • If the support at 1.24650 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • There is a divergence in RSI and price between the trough at 1.2706 on 2020-12-10 and the trough at 1.2467 on 2021-02-25, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased.
  • While the RSI downtrend #1 is not broken, bearish wave in price would continue.
  • A trough is formed in daily chart at 1.2465 on 02/25/2021, so more gains to resistance(s) 1.2660, 1.2830 and maximum to Major Resistance (1.2955) 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 48.

Take Profits:

  1. 1.2830
  2. 1.2955
  3. 1.3100
  4. 1.3420
  5. 1.3645
  6. 1.3850
  7. 1.4665
Click on the level to view price action history.

Symbol Released Current Forecast
US Dollar / Canadian Dollar (USDCAD) Sat, 23 Mar 2024
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US Dollar / Canadian Dollar (USDCAD) Sat, 9 Mar 2024
US Dollar / Canadian Dollar (USDCAD) Sat, 2 Mar 2024
US Dollar / Canadian Dollar (USDCAD) Sun, 25 Feb 2024