FX:USDCAD   U.S. Dollar/Canadian Dollar
164 5 5
I've been a bull in this pair for a long time and I still am but the price action has been bearish lately and it has been annoying to say the least. As FOMC press conference is getting closer, bearish price action is not a good sign as market may be already positioning for the event. However, I remain bullish as long as we stay inside the upward red channel and if we should break it, I'll abandon the bullish outlook.
The 1.094 level has rejected price advance on multiple attempts, now the path of least resistance is to the downside with potential support at 1.070 area. My bias is for price to drop to the lower parallel passing in that area.
indeed, the pair looks heavy. However, if we turn lower it might be just a short-term hiccup so I remain bullish in bigger picture
Longer term i am bullish on Ucad, but i wouldn't be a buyer until your green line. In the short term i'm looking for shorts. I was a bit surprised that UCad didn't break because of strong oil prices. It looks like a big player was defending the level on friday.
capitalpropertiesfx EliteTrader101
Indeed the pair looks heavy right now. If we should go lower then my first area to look for price to bounce higher is around 1. 0760/40 area. If we get a decent jump from those levels, I might consider a long position but if we don't get a bounce then I'll rather look for signs for further weakness towards 1.06000 level
EliteTrader101 capitalpropertiesfx
Prices will probably base around your trendline as buyers step in, but for my entry it would be lower after all those buyers stops are taken.
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