4 Hour - UsdCad has been ranging since 28th January between 1.27805 and 1.26608. It gave a faked a break to the upside but came crashing down due to USD weakness....Price broke out of the ascending trendline and broke past the 4hr 200MA and seems to be heading to the bottom of the range...A bearish position can be opened on a retest and rejection on a lower time frame and profits can be taken at the bottom of the range...from there we will wait to see if USD weakness is enough to take price to 1.26222 support area or if it will bounce and head back to the top of the range......Lets react to the price not predict especially with tensions in with Russia and Ukraine
Comment:
Bearish position cancelled. Price bounced on trend line and broke out to the top of the range.