USDCAD | MY PERSPECTIVE FOR THE NEW WEEK
The price moved over 200pips in our direction since my last publication (see link below for reference purposes) even though the Greenback advanced to a fresh daily high of 1.3235 on Friday but lost its traction amidst "quick sells" ahead of the weekend. The USDCAD failing to settle above resistance level @ 1.32400 insinuates that Buyers lack the momentum to rally price making a decline in the following week a more feasible window to keep finding an opportunity to sell the Dollar.
Tendency: Downtrend ( Bearish )
Structure: Breakdown | Supply & Demand | Trendline
Observation: i. Since the price broke down 1.32500 level on the 12th of Aug. 2020, it keeps retesting this level affirming a Bearish bias on this one.
Trading plan: SELL confirmation with a minimum potential profit of 150 pips.
Risk/Reward: 1:3
Potential Duration: 1 to 4 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
NirvanaForex
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Tendency: Downtrend ( Bearish )
Structure: Breakdown | Supply & Demand | Trendline
Observation: i. Since the price broke down 1.32500 level on the 12th of Aug. 2020, it keeps retesting this level affirming a Bearish bias on this one.
Trading plan: SELL confirmation with a minimum potential profit of 150 pips.
Risk/Reward: 1:3
Potential Duration: 1 to 4 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
NirvanaForex
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Trade smart. Trade consciously
