USDCAD Likely To HIT 1.25000 As Oil Prices Support The LOONIE!
The long term ascending trendline has been violated which is evident to a smaller extent on the main daily chart. Have a look at the image below which show the weekly timeframe perspective of trendline violation:
These two perspective strongly favor that indeed the trendline has been violated and now the price looks set to head lower and test 1.25000 psychological support. This is all based on summarized technical terms, on fundamental basis the only supporting hand that could be aided to the Lonnie appreciation against the greenback is the rising commodity prices including OIL. The current market environment seems to be in support for most commodity currencies. So based on this we can expect the CAD to strengthen in the short term.
All the entry, target and exit point prices are shown clearly on the main chart. The entry is set at such level so that a 1:1 risk to reward ratio can be achieved! So its best to wait for the price to retrace to ideal entry point so as to even the risk out.
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These two perspective strongly favor that indeed the trendline has been violated and now the price looks set to head lower and test 1.25000 psychological support. This is all based on summarized technical terms, on fundamental basis the only supporting hand that could be aided to the Lonnie appreciation against the greenback is the rising commodity prices including OIL. The current market environment seems to be in support for most commodity currencies. So based on this we can expect the CAD to strengthen in the short term.
All the entry, target and exit point prices are shown clearly on the main chart. The entry is set at such level so that a 1:1 risk to reward ratio can be achieved! So its best to wait for the price to retrace to ideal entry point so as to even the risk out.
Cheers, I hope you find this insight helpful. Please LIKE & FOLLOW for more insights into other major currency pairs.
