TRDVMA

USDCAD REVIEW ON DAILY CHART

FX:USDCAD   U.S. Dollar/Canadian Dollar
99 0 6
9 months ago
Price currently at

1-touching daily trend channel upper line
2-touching weekly trend channel lower line from the reverse
3-touching daily resistance line
4-extreme overbought

The points above increase the probability of a DOWN move.

On contrary,
-strong reaction from 1.29
-piercing the daily trend line channel

indicates that the major trend is about to be changed. I expect a drop back to 1.28-1.29 levels and then the ABC formation finally finishing and a new major bull trend starting.

recommendation (long term trade)
-I would not recommend a LONG entry at this moment while highly overbought. and recommend to enter at a convenient pullback.
-Short entry is somehow risky considering risk/reward and last strong bull reaction.

Good trades (don't forget to thumb up if you like the analysis)
9 months ago
Comment: Price on Target. I expect a good long term buying point at 1.28 levels, as the ABC will be complete with a clean 1-5 wave structure from point B. We have some more time to go.
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