kinetix360
Short

USDCAD Daily Bearish Correction

FX:USDCAD   U.S. Dollar/Canadian Dollar
First USDCAD             is in very bulls move in very long run, and the priority is bulls setup here. But now there is a potential for short term bearish move to build 'BC leg. I will be very bullish when it comes to C leg, 1.2900 area or the last support is 1.2700 (but likely it won’t come this low).

This bearish correction are base on analysis as below :

- Sentiment analysis;
I use 'CME options data for this. And it shows 1.3300 and 1.3600 have large number of Des Calls (P/C ratio). Below this, Des Puts are holding huge number between 1.2900 - 1. 2800             price line. "

- Technical Analysis ;
1. the X leg (1.3455) was an Upthrust and 1.3350 was a the last Buying Climax ("BC). Bollinger M top is built since the high of 6th Nov. The strong support are likely at 1.3080 (C leg) and 1.2900 ( Des Put area) .
2. it broke 2 fractal low (of previous trend move) and rejected at 3rd fractal .

Here is the summary of analysis :
1. My main support target target is only 1.3080 (C leg) and 1.2900, where I must anticipate any bullish reversal on those support.
2. I must not ignore a small support 1.3200 area, if this hold, then it will be very bullish .
3. If this C high area are broken with strong bar, I will not look for any bearish potential.
4. The time target for this down move will be 2 weeks, base on X to A time length scenario.

United States
United Kingdom
India
Deutschland
España
France
Việt Nam
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out