May 20 Chart of the Day - USD/CAD
Precision oriented price action technical analysis by far provides the best edges and most setups for traders and investors across the markets so that's what we use for the basis of our reviews
Yes, the NHL playoffs are in full swing and it was about this same time last year when we last featured the Forex pair USD/CAD from a price action technical analysis perspective.
Plus, this is one of 16 charts we post daily on a lower time frame chart in our highly rated members only trade room.
Weekly Chart
On the monthly chart we can price has been setting a series of higher highs and higher lows in a very choppy fashion during the past three years.
Along the way a "wedge" like formation has appeared in which price may have an upcoming decision to make of whether to break out of it to the upside, downside, or simply keep trading sideways and ignore the pattern...
Daily Chart
On the daily chart we can see with much more clarity the the uptrend during the past few years.
We've layered in traditional Fibonacci levels in both directions as well as support/resistance and trend to help identify potential price levels of interest and/or future price targets.
Armed with precision oriented charts like these both traders and investors can formulate their respective plans.
So what's next?
We don't make predictions...
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
- Support/Resistance
- Trend
- Fibonacci
- Supply/Demand Zones,
- Change Control Zones
ChartPros provides the exact methodology in its price action technical analysis courses to create charts like this with the most precise and accurate levels from which investors and traders can formulate their respective trade plans.
Take a look at the charts and let us know what you think.
We'd like to hear from you in the comments sections.
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