USDCAD has been something I've had an eye out for since June 10, 2020 when I called long trades from 1.3400 to the daily 50 ema.
Following the strong bullish move on June 11, 2020, price pretty much went sideways after that.
If we look at the HTF we can see the monthly candle for June closed as a nice rejection of major S/R of 1.3400
On the weekly multiple low test candles rejecting the 50 ema have been printed.
Daily chart we see an minor support level of 1.35078 which price bas been holding for over a month now.
We could see this level hold and price has the potential of pulling back up to previous support of 1.3880 region.
Important to note, we can see the level of 1.35078, meaning that many trades will have their stops just bellow this area. Something we could see is a spike just bellow the previously mentioned level, price be manipulated to take out stop losses and then a nice strong move to the upside. That or we continue moving up from here.
(Of course my long bias could always be totally wrong and price could continue falling - always trade what you see, not what you think!)
4 hr chart high lights the low, followed by a higher low and then the support at intraday 1.3500
My bias is to the long side, but at this point in time price does not present any entries that would fit the strategies I trade.
Keep and eye out for any updates. Also this USDCAD long bias would also fit the DXY post I posted earlier on today. Have a look at that to see the additional confluence for why I think USDCAD could continue going to the upside.
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** DISCLAIMER* The content on this analysis is subject to change at any time without notice and is provided for the sole purpose of assisting individuals to make independent trading decisions. Trading can be risky, make sure to use proper risk management!!
The analysis given out reflects my personal ideas and does not mean I personally take the trade, my preferred entry may never actually present itself.
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Following the strong bullish move on June 11, 2020, price pretty much went sideways after that.
If we look at the HTF we can see the monthly candle for June closed as a nice rejection of major S/R of 1.3400
On the weekly multiple low test candles rejecting the 50 ema have been printed.
Daily chart we see an minor support level of 1.35078 which price bas been holding for over a month now.
We could see this level hold and price has the potential of pulling back up to previous support of 1.3880 region.
Important to note, we can see the level of 1.35078, meaning that many trades will have their stops just bellow this area. Something we could see is a spike just bellow the previously mentioned level, price be manipulated to take out stop losses and then a nice strong move to the upside. That or we continue moving up from here.
(Of course my long bias could always be totally wrong and price could continue falling - always trade what you see, not what you think!)
4 hr chart high lights the low, followed by a higher low and then the support at intraday 1.3500
My bias is to the long side, but at this point in time price does not present any entries that would fit the strategies I trade.
Keep and eye out for any updates. Also this USDCAD long bias would also fit the DXY post I posted earlier on today. Have a look at that to see the additional confluence for why I think USDCAD could continue going to the upside.
___________________________________
** DISCLAIMER* The content on this analysis is subject to change at any time without notice and is provided for the sole purpose of assisting individuals to make independent trading decisions. Trading can be risky, make sure to use proper risk management!!
The analysis given out reflects my personal ideas and does not mean I personally take the trade, my preferred entry may never actually present itself.
___________________________________
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