Hello Traders, here is the full analysis for this pair, let me know in the comment section below if you have any questions, the entry will be taken only if all rules of the strategies will be satisfied. I suggest you keep this pair on your watchlist and see if the rules of your strategy are satisfied.
I understand you are technical traders, these markets are fundamental driven oil supply has shot up meaning supply and demand is worse too much supply oil wil go down below $21 , oil and cad is paired closely means weaker cad. 6 Central banks in joint action to help the provision of liquidity of the dollar meaning they using standing swap line arrangements to strengthen the dollar. TA now is pointless with this pair fundamentals say the opposite at this stage. Hope this info helps on the trading idea i see the opposite happening just my opinion unless a magical oil price arrangement happens between Saudi and russia the pair is bullish.
@Zercon, nobody said the market is bearish, but If the market will start to show weakness on the 4h, a retracement is very possible before continuation
Zercon
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@transparent-fx, cool what goes up must come down and vice versa i never said you said it was bearish ta shows down on my side aswell looking the same RR is crazy if it corrects.
ARCHIDUKE
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good analyiss, howvere your analysis is not balanced in my opinion, you seem to be of the opinion that 1.468 will not be breached which is a likely scenario.than a double top.Fundamentals are pointing more to CAD weakeness.But ofcourse I might be wrong but will see.