ForexSignalPort Free USDCAD LONG Technical Trade

USDCAD LONG : Trade Setup Recommendation : 5 Feb 2019

USDCAD (D1) price action had completed the impulse 5-wave pattern and entered corrective 3-wave pattern in Jan 2019. The corrective wave C touched the 38.2 of Aug 2017 low to Dec 2018 high and has bounced a bit.

Phibase team expects wave C to extend down to the 38.2 fib level again and may test the earlier resistance turned support level at 1.3000 and the trend line support seen from lows of waves 2 and 4. The Potential Reversal Zone (PZR) is defined at 1.3050 to 1.3000 - News based break below/consistent H1 closes below 1.3000 would invalidate this recommendation.

USDCAD could offer opportunity for LONG trade with good risk:reward 1:3 (SL -100 pips : TP 250 pips). Phibase team has setup an automated script to Sell at 38.2/H1 200 MA and buy USDCAD when reversals is confirmed in the PZR. The setup will be executed in lower timeframe (H1).

  • Symbol : USDCAD
  • Analysis time frame D1
  • Original Recommendation Date : 5 Feb 2019
  • Technical Levels : Elliott Wave / Support levels
  • Potential Reversal Zone : 1.3050 to 1.3000
  • Target Price : 1.3280
  • Stoploss : 75 pips or below 1.2980 which ever is lower
  • Hidden Stoploss : lower timeframe S/R levels
  • Risk:Reward = 1:3 (-75 pips: +250 pips)

USDCAD SHORT : Trade executed @ 1.3181 on 6 Feb 2019. Stoploss hit : -50 pips

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