pips-fx

USDCAD 4H Analysis

Short
FX:USDCAD   U.S. Dollar / Canadian Dollar
USDCAD in a downtrend with a huge bullish momentum that brought the price up to an area of value on the 200MA. Overbought on Stochastic calls for the end of the pullback so bears could bring price down as early as Sunday. If price breaks above the 1.2870 zone(previous LH), analysis will be invalid.

Like the idea if you agree and leave a comment if you have a different view, feedback is always appreciated. Hope you find this helpful.
Trade active:
Price remains below the 200MA so bias is till bearish. Break and retest of support on the 1H timeframe. Possible second entry zone if price breaks above resistance. Moving SL to entry to make this a risk free trade.

Comments

Yes! i see the same view the market set itself up for this nfp week.
People fail to see it but this is still a bear market and its only going lower.
Push up was just creating a new Lower High on bigger time frame.
Retest of a monthly key level for me previous support.
Good stuff!
+1 Reply
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