USD/CAD Technical Analysis
- Fake Out Counter Trend trade
- 1.3520 possible
- Friday’s high taken out
- Counter trend setup
MEGATREND MAs: Bearish
D1 Chart USD/CAD
- Order block
- Double bottom
- Fakeout long
- Target zone
- TP
The USD/CAD has made 135 pips in the last 14 days. This indicates a volatile market as we have more than 100 pips of the ATR. The ATR(click here) is the most precise and most accurate indicator of intraday volatility and its projections are very accurate.
On the Daily chart we can clearly see a fakeout setup which happened on Friday and it is confirmed today. The market is making a breakout above the Friday’s high and we might see the upper MA hit which is the first target 1.3456. If the market proceeds higher than we might expect 1.3502 followed by 1.3520. This is a counter trend setup and the long entry has happened today.
This analysis, all the patterns and all entry signals and targets are a part of the Megatrend system and a trading course. I am currently running 1 long position in the USD/CAD as I am trading the Bullish Fake Out Counter trend pattern ™. My Telegram group recently received 1 long signal on USD/CAD. The trade is a part of a daily time frame which is clear and concise.
Cheers and safe trading,
Nenad
Summary of October trading results is HERE (click to see)
Cheers and safe trading,
Nenad
