USDCAD Chart Analysis for December 5th

FX:USDCAD   U.S. Dollar / Canadian Dollar


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Now let me begin USDCAD Chart Analysis for December 5th.

This shows USDCHF 30M chart for yesterday.

There was short position chance at route A / and we had one more chance on route B.
However, the price directly went up and ended up not being able to break through the parallel resistance line.

It was a small profit.

Recently, the price movement seems quite abnormal, you should be careful for the trend.

In case of USDCHF , if the price cannot break through the parallel resistance line, it is very likely to fall down strongly.

Today I brought USDCAD 30M chart.

This is short position strategy.

It is very similar to USDCHF .
If it ends up with drifting sideways,it is very likely to fall strongly tomorrow afternoon.

Today the price reached the supporting line of daily chart .
So it could fall strongly after one more day.

To summarize the strategy,

1. Please refer to route A and B, with short position entry timing and price.

2. If it goes along with route A, please check whether it breaks through parallel resistance line.
(if it leaves tall shadow, short position. But if it breaks with an additional candle, close for the day)

3. In case of route B, check if the price goes down below parallel resistance line.
After a rebound comes out, please enter short position at the entry point.

This is it for today.

Please watch carefully for a strong rebound.

Unless the price goes above the sky blue “smile face” line, you are good to operate short position at this level.

I will come back to you tomorrow.


Thank you.

(Translation help
Jae Ho Shin)

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