ForexPinnacle

USDCAD - 4 Hourly Analysis

FX:USDCAD   U.S. Dollar/Canadian Dollar
Looking at the 4 Hour chart USDCAD             is in a clear downtrend and is currently breaking out of the downward channel to the downside for the 3/4 time. But these moves to the downside have so far been halted for a number of reasons. Namely because any attempt to move away from the 61.8 Fibonacci level (purple @ 1.29705) is entering, strong weekly support and now daily support has also formed. If USDCAD             is to see more upside and potential reversal then I would expect buyers to come in around the two 61.8%% levels (black and purple). But be in now doubt that at the moment sellers are in full control with lower highs being consistently made on previous moves higher, followed by lower lows being posted. So be wary of how long a bounce higher could last for. Happy Trading :)

Related Ideas

Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out