Technical Analysis for Pair USDCAD

Today I am going to do multiple time frame analysis for Pair USDCAD. First of quickly look at the news event. Highly Impact News for USDCAD are Nonfarm payrolls, Average Hourly Earnings m/m  from US News and Important Canadian News are Trade Balance and Unemployment Rate

First of all,  I let you know that as I am a swing trader, I have been using Weekly, Daily and  hourly chart to make a decision for long or short (Buy or Sell) , to find out the long term trend and to find out entry point and stop loss, to avoid losses.

Initially I would to look at Daily chart to make a decision.

In the above chart, I have found that price is moving higher each time. 

Just to make it clear I have marked High, Low then Higher high, higher low, higher high and possibility of Higher Low as it is base of the channel or Trend line.  Now my decision is go long, buying decision, but I have to make confirm with higher time frame. Is it really up? Let's have a look in higher time frame i.e weekly.

Now I am pretty much sure that Weekly chart is align with daily as it has started making higher high and higher low and trend line has been broken. We will closely look it at

The above chart, weekly chart, is zoomed  to find out clear price movement. We are confirmed weekly chart is making higher high and higher low. Recent Resistance, brown line, has broken and re-testing the line to confirm support. In this pair, I am using Monthly chart, just to identify significant support and resistance.

It shows that the next resistance is pretty much good distance and easily earn pips while I make decision to go long, buying decision.

Just quick review,  I have made decision by using daily chart to long. I have also confirmed with higher time frame i.e weekly and use monthly chart to find out the support and resistance in order to know how far that market will move up.

Let me quickly use Fibonacci Retracement in order to find how much % has been retraced by using Daily time frame (but it does not necessary to use in Daily Timeframe, it can use in any Time frames)

Fibonacci Retracement shows that it has almost been 50% retracement made by using recent swing low and swing high.

 Now, I jump to 1 hour chart to find out the entry point or entry level and stop loss area. I have noticed that trend line break out with high momentum ( as I am using Stochastic to find out the momentum).

I have found the point of break out and it is close above the trend line having strong momentum.

After I have confirmed, price close above trend line then I will go for long – buy USDCAD by using Stop loss 10 pips below turning candle, green circle, and point of break out, green circle. Profit taking strategy could be 1:2 Risk Reward ratio or something else that suit your personality. 

Note: this strategy can use in any time frame as

Intermediate Timeframe is for Decision 

Higher Timerframe is for Long-Term Trend

Lower Time frame is for Entry, Exit and Taking profit.

Risk Disclaimer: Trading any financial assets can be a challenging and potentially profitable opportunity for investors. However, before deciding to participate in the Financial Market, you should carefully consider your investment objectives, level of experience, and risk appetite.