USDCAD - 4hrs ( Short Target Range 300 PIP )
🔹Hello traders, Let's review and go over analysis and strategies for USDCAD First thing I want to point out is that price seems to not can break through this level of support at area 1.34160$. But if price does that, and the price has already broken the inner uptrend. That means that we could expect. A rip to the downside? All the way down to 1.3092$ which would in this case be the year low and if price breaks through that. We can expect price to go all the way down to Fibonacci main area 1.2830$
🔹News : The USD/CAD pair drops further to near 1.3450 in the European session. The Loonie asset faces a sell-off as the US Dollar Index (DXY) has surrendered intraday gains. The USD Index faces offers while attempting to recapture monthly high of 103.82.
Losses posted by the S&P500 futures in the Asian session are now in the European session, indicating some recovery in the risk-appetite of the market participants. 10-year US Treasury yields have dropped to near 4.10%
The USD Index falls back from 103.68 ahead of the United States Core Personal Consumption Expenditure (PCE) Price Index data for December, which will be published at 13:30 GMT. As per the estimates, monthly core PCE rose at a slightly higher pace of 0.2% against 0.1% in November. The annual core inflation tool is seen decelerating to 3% vs. former reading of 3.2%.
Federal Reserve (Fed) policymakers would advocate for keeping interest rates higher in the first two quarters of 2024 if the core PCE inflation report turns out stubborn-than-projected.
🔹Reasons : As we can see the price has already broken the inner uptrend. And now it's trying to retrace for a continuation The first target would be at fibonacci area 0.88 And if price seems to breakthrough that level, we are expecting price to go all the way down to main Fibonacci area 1.27 price 1.2830$ and in this area 1.3600$ where price was is a strong supply and there is a good trend line there. And for the visible range Lvn - This refers to a price level with relatively low trading volume This is still a high value area compared to the other side of the visible range And this is also a bullish choch area So this will be our main reversal area.
🌐Points of interest🌐
Supply : 1.35435$
Support : 1.34185$
Inner Trend Retest : 1.34575$
Fibonacci 0.88 : 1.32680$
Fibonacci 1.27 : 1.29830$
Bullish Choch Mid : 1.3705$
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🗨️Always trying to come up with more quality setups for you guys!
⚠️Warning ⚠️
before you take this trait or take just my word, go look something up Look up some news That could be coming. More info about it Tomorrow And remember, risk management always 1 : 3 always more gains than losses!
⚕️Advice⚕️
I think that every traveler should start doing is writing down The reasons for their setup on the charts If you can't write 5 down, don't take the trade This is coming from me personally After I did this, I saw major improvement in myself and in my trading so do it!
🙌Have a phenomenal trading day!
Share your opinion in the comments and support the idea with like. Thanks for your support!
🔹News : The USD/CAD pair drops further to near 1.3450 in the European session. The Loonie asset faces a sell-off as the US Dollar Index (DXY) has surrendered intraday gains. The USD Index faces offers while attempting to recapture monthly high of 103.82.
Losses posted by the S&P500 futures in the Asian session are now in the European session, indicating some recovery in the risk-appetite of the market participants. 10-year US Treasury yields have dropped to near 4.10%
The USD Index falls back from 103.68 ahead of the United States Core Personal Consumption Expenditure (PCE) Price Index data for December, which will be published at 13:30 GMT. As per the estimates, monthly core PCE rose at a slightly higher pace of 0.2% against 0.1% in November. The annual core inflation tool is seen decelerating to 3% vs. former reading of 3.2%.
Federal Reserve (Fed) policymakers would advocate for keeping interest rates higher in the first two quarters of 2024 if the core PCE inflation report turns out stubborn-than-projected.
🔹Reasons : As we can see the price has already broken the inner uptrend. And now it's trying to retrace for a continuation The first target would be at fibonacci area 0.88 And if price seems to breakthrough that level, we are expecting price to go all the way down to main Fibonacci area 1.27 price 1.2830$ and in this area 1.3600$ where price was is a strong supply and there is a good trend line there. And for the visible range Lvn - This refers to a price level with relatively low trading volume This is still a high value area compared to the other side of the visible range And this is also a bullish choch area So this will be our main reversal area.
🌐Points of interest🌐
Supply : 1.35435$
Support : 1.34185$
Inner Trend Retest : 1.34575$
Fibonacci 0.88 : 1.32680$
Fibonacci 1.27 : 1.29830$
Bullish Choch Mid : 1.3705$
🩵Please hit the like button and
🩵Leave a comment to support me!
🗨️Always trying to come up with more quality setups for you guys!
⚠️Warning ⚠️
before you take this trait or take just my word, go look something up Look up some news That could be coming. More info about it Tomorrow And remember, risk management always 1 : 3 always more gains than losses!
⚕️Advice⚕️
I think that every traveler should start doing is writing down The reasons for their setup on the charts If you can't write 5 down, don't take the trade This is coming from me personally After I did this, I saw major improvement in myself and in my trading so do it!
🙌Have a phenomenal trading day!
Share your opinion in the comments and support the idea with like. Thanks for your support!
Comment:
The fibonacci by GoldenEngine!
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