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michaem2

My View on USDCAD in the next few days.

U.S. Dollar / Canadian Dollar (OANDA:USDCAD)  
michaem2 Updated   
OANDA:USDCAD   U.S. Dollar / Canadian Dollar
Trend Analysis USDCAD
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trendanalysis usdcad
Uptrend in 4H time frame inside Sideways Trend in Daily Time Frame. I predict that price will make short pullback at the confluence level of Fibonacci Retracement 0.618 + Support Becomes Resistance Level in 4H Timeframe. Then price will continue its Uptrend since in Weekly Timeframe, price just taking off from MA50.
Comment:
Yes, I was right about the pullback. Now, will the price continue its uptrend next week? Next week is full with USD HIGH IMPACT News.

I am not surprise if the price go lower than the level I marked in the chart. Price might go to lower level and create an inverted Head and Shoulder (HNS) chart pattern. Plus, that Right Shoulder is confluence with Fibo Retracement 0.618 level.

But if the price retrace at level I marked which is a potential Resistance Becomes Support (RBS), that it better retrace at MA 50 or MA 200 level. That will make a good confluence too.
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