fxsignals4pips
Short

USDCAD sellers expected to resume short positions

FX:USDCAD   U.S. Dollar / Canadian Dollar
Switching over onto the daily time frame, we have a very simple chart setup. The first is the trend-line breakout. I prefer more of a DeMark style trend-line plot. I'm not really looking for a trend-line retrace or correction simply because the rally appears almost exponential and so I do not see the immediate benefit of predicting an ascending trend-line retracement so far away. My key takeaway here is the downside pressure that's looking to bring this pair lower. The initial leg down has ended and we are currently stalling with a slight pull back before the next major wave sell off begins. The two horizontal rays served as my indecision zones where I viewed the market as not having a clear direction. Current trade setup is to sell into this second leg with a stop just above this horizontal zone. An additional confirmation is the 60-EMA serving as a dynamic support and resistance level. This exponential moving average setting is also another personal preference of mine. It works very well on this pair and price is currently resting just below this line. This is another expectations for a further downside movement.
English
English (UK)
English (IN)
Deutsch
Français
Español
Italiano
Polski
Türkçe
Русский
Português
Bahasa Indonesia
Bahasa Melayu
ภาษาไทย
Tiếng Việt
日本語
한국어
简体
台灣
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out