USDCAD Technical Analysis
On April 27/2020 I posted on social media (Stocktwits/Twitter) @AidanFX “USDCAD Still possible the pair can extend lower below 1.4000. Possible momentum breakout lower at 1.4038”
USDCAD 1 Hour Chart April 27.2020 : The chart below was also posted on social media (StockTwits/Twitter) @AidanFX April 27/2020 showing that a bearish flag breakout pattern (black) has formed and needed a break below 1.4038 to confirm momentum of the breakout. I called for traders to watch for SELLS on the break below 1.4038 as long as price respects the moving average (light blue).
![USDCAD, trading, forex, elliottwave, technical analysis, market patterns, AidanFX](https://elliottwave-forecast.com/wp-content/uploads/2020/05/usdcad-1h-sell-4.27.2020-1-1024x676.jpg)
USDCAD 1 Hour Chart April 27.2020 : Price respects the moving average (light blue) and breaks below 1.4038 triggering the SELL trade. A bearish Momentum Breakout Pattern (light green) was visible on the top indicator and on the price chart signalling that a break below 1.4038 will push the pair lower. Bearish divergence (purple) was visible and the bottom indicator also confirmed the SELL trade when it broke below the green trend line.
![USDCAD, trading, forex, elliottwave, technical analysis, market patterns, AidanFX](https://elliottwave-forecast.com/wp-content/uploads/2020/05/usdcad-1h-sell-4.27.2020-b-1024x523.jpg)
USDCAD 1 Hour Chart April 28.2020 : The pair moves lower continuing to respect the moving average (light blue) and hits the 1:2 RR target (green) for +90 pips. The move lower did not show any indication of a possible move higher so I continued to hold the SELL trade looking to see a downside continuation. As long as price did not hit the stop loss the pair remained bearish.
![USDCAD, trading, forex, elliottwave, technical analysis, market patterns, AidanFX](https://elliottwave-forecast.com/wp-content/uploads/2020/05/usdcad-1h-sell-4.28.2020-1024x529.jpg)
USDCAD 1 Hour Chart April 30.2020 : Price remained trading below the moving average (light blue) confirming the downside trend was still active. The pair eventually hit the 1:4 RR target (green) for +180 pips. If you followed me on Twitter/Stocktwits you too could have caught the USDCAD breakout move lower.
![USDCAD, trading, forex, elliottwave, technical analysis, market patterns, AidanFX](https://elliottwave-forecast.com/wp-content/uploads/2020/05/usdcad-1h-sell-tp4-hit-4.30.2020-1024x528.jpg)
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on Twitter for updates and questions> @AidanFX or chat me on Skype > EWF Aidan Chan
*** Always use proper risk/money management according to your account size ***
At Elliottwave-Forecast we cover 78 instruments (Forex, Commodities, Indices, Stocks and ETFs) in 4 different timeframes and we offer 5 Live Session Webinars everyday. We do Daily Technical Videos, Elliott Wave Trade Setup Videos and we have a 24 Chat Room. Our clients are always in the loop for the next market move.