The USD/CAD pair fell to a session low of 1.2150 in the early US session. In our previous analysis, we forecasted that USDCAD will break the low again and start a reversal move. For this week we grow confident that the price rejection from the pitchfork lower line will add some bullish momentum for the US Dollar. At first, we will wait for a breakout from the orange trendline followed by a small correction, which will increase the chances of a bull market. Trade with care.
Best regards, Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
i think it goes till 1.20560 w1 support or maybe 1.20000
financialflagship
⋅
@arashsafvati, Very likely. Will be looking for buy only after it breaks the trendline and corrects above it. That would be our confirmation
daniavm
⋅
And what is the coherence of this prediction and the financial calendar showed last friday? Is that clear that USDCAD will go bullish?
financialflagship
⋅
@daniavm Hi. Nothing is clear for the moment, that's why we specified in the analysis description that we will be waiting for a trendline breakout followed by a small correction. At the moment the bearish sentiment could continue, as we are in a weekly downtrend. We expect at some point that this strong weekly impulse to pullback, which would change the trend from bearish to bullish (for the medium term) on the 4h and Daily timeframes.