UPDATE 2.0: USDCAD [D] Technical Analysis [BUY] [190122]

Hello People - Just another update...

After reaching the highs of the 1.27 Resistance - I think it is about time to move that stop up to a break-even.
Currently, price is sitting at a healthy 2:1 profit

Yes, over the days trading, price has become slightly bearish, but we have to stay positive on this one.
From the Weekly TF, it does look like a correction for the long-term sellers - But, I am not one of those - Hence my Long Position

Looking at the updated Daily Chart - You can see the identification of various theories to support this Buy for a further upward progression.
Such as; Price has closed on the daily above the 1.262

Furthermore, yesterday closed as a test as new support

Also, and after extensive viewing of the Daily Chart - It has been found that there are a number of areas that provide evidence of a Chart Pattern - But, with a difference [But, only because this is an update, which is now a free trade]

On the Daily, I have found that over the last year Price has retraced to the 50% FIB on a number of occasions and always when the market is in a strong trend

Moving on to current Price Action and the Temporary S&R that I have marked out - We can see that the market is currently testing the 38 FIB
Personally, I am thinking the market will retract to the 1.258 zone [50 FIB] and return to pushing north of the chart

In this case - Ill be looking for some Price Action in the form of a CS

Failing that, and a further bearish progression would permit a review the position and update the post.


Thanks for tuning in people - PEACE OUT!


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