USDCAD- 24Jan2022
On the weekly, price bounced from the ascending trendline and 50MA support. On the daily, price is playing out h&s for medium term downside. For the meantime, the price still have a slight chance of bouncing higher to 1.2632 before facing bearish pressure.
On the H4, price had a strong breakout above previous 2 peaks and is now pulling back to the breakout level. If oil price continue consolidate sideways, USDCAD could potentially have a relief bounce to 1st Resistance around 1.2632 before facing bearish pressure.
This is for personal record purposes only, not financial advise or solicitation of trade.
On the weekly, price bounced from the ascending trendline and 50MA support. On the daily, price is playing out h&s for medium term downside. For the meantime, the price still have a slight chance of bouncing higher to 1.2632 before facing bearish pressure.
On the H4, price had a strong breakout above previous 2 peaks and is now pulling back to the breakout level. If oil price continue consolidate sideways, USDCAD could potentially have a relief bounce to 1st Resistance around 1.2632 before facing bearish pressure.
This is for personal record purposes only, not financial advise or solicitation of trade.