USDCAD- 27Jan2022
On the daily, price bounced above descending trendline and is now approaching 50MA. If price can close above 50MA, we could expect it to bounce higher to next resistance at 1.27665.
On the H4, price bounced and closed above neckline thus invalidating the h&s downside. It is now coming into 200MA which was last tested in 06Jan22. However, there are no signs of resistance for RSI nor Stochastic. As such, price may have a shallow pull back to 23.6% Fib support around 1.26500 before bouncing higher.
This is for personal record purposes only, not financial advise or solicitation of trade.
On the daily, price bounced above descending trendline and is now approaching 50MA. If price can close above 50MA, we could expect it to bounce higher to next resistance at 1.27665.
On the H4, price bounced and closed above neckline thus invalidating the h&s downside. It is now coming into 200MA which was last tested in 06Jan22. However, there are no signs of resistance for RSI nor Stochastic. As such, price may have a shallow pull back to 23.6% Fib support around 1.26500 before bouncing higher.
This is for personal record purposes only, not financial advise or solicitation of trade.