USDCAD has spent the last two months consolidating below the 1.386 resistance area.
However, recent price action suggests that might be about to change.
But before we get to a potential breakout play for next week, I want to discuss the USDCAD range trade that’s been in play for years.
The weekly time frame shows a massive 2,600-pip equidistant channel that dates back to 2015.
You can see that USDCAD is coming off of channel support in 2021 and is trading roughly at the channel mid-point.
The market is also clearly in an uptrend since that 2021 retest, carving higher highs and lows.
That means momentum is with buyers, so looking for longs is the way to go, in my opinion.
If we look at the daily time frame below, you can see that USDCAD is testing a short-term trend line today and is starting to break out.
A daily close above 1.3665 would confirm the breakout and open the door to 1.3860 next week, which is the recent swing high and a key level since 2020.
Alternatively, a daily close below 1.3665 would keep the level intact as resistance.
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Hi Justin, thanks good to see you’re back, I already have a lifetime membership with you under DPA and have done all lessons etc, if you follow your records you can check, I’ve been with DPA for a few years now, so I don’t think another Lifetime Membership would apply in my case as I already have a Lifetime Membership with you. Lately I was in hospital for quite a long period and when I came out I found you had vanished. But anyway it’s good to see you’re back, according to some of the other DPA members you said you would be back, then apparently the site was no longer functioning, but now I see DPA is running again under another website called Discord. Good to be back and good to see that you are too.
Michael Cox
Hi Michael, shoot me an email using the contact page and I’ll get it sorted. Cheers.
Hi, I also have lifetime membership but the members.dailypriceaction.com does not load.
Hi Darius, same thing I mentioned to Michael. Shoot me an email using the contact page and I’ll get it sorted. Cheers.
Wrote
A break and retest above 1.37044 (ON H4 TF)will form my bullish bias to TP 1.38600
I wish you expatiated on this your trade idea. I’m interested.
Hi Justin, thanks good to see you’re back, I already have a lifetime membership with you under DPA and have done all lessons etc, if you follow your records you can check, I’ve been with DPA for a few years now, so I don’t think another Lifetime Membership would apply in my case as I already have a Lifetime Membership with you. Lately I was in hospital for quite a long period and when I came out I found you had vanished. But anyway it’s good to see you’re back, according to some of the other DPA members you said you would be back, then apparently the site was no longer functioning, but now I see DPA is running again under another website called Discord. Good to be back and good to see that you are too.
sanjeev kumar sharma
Many thanks Justin for your view and analysis, in my view it will take a strong fundamental to break the resistance, i believe technically that the momentum to the upside is not strong
Thank you my Prof. ls long that l traded last, but l must just thank you most sincerely for your efforts on we new traders. You are doing us a good work and making us to be making profit steadily. Please accept my thanks once more. l will send more comments by Monday next week by the grace of God.
Hi how do I get into contact on discord?
Good to see you back Bennett. We’ve missed you.
Welcome back.
Hi Justin I mess your analysis long time
Thanks