Bearish Deep Crab and Broken Trendline
USDCAD has broken its H4 rising trendline following completion of a bearish deep crab pattern and could reach 38.2% retracement of 1Oct low to 14Nov High around 1.3080.
Moreover, WTI has found support at 54.87, near 200-week EMA and 61.8% retracement of Jun2017 low to Oct2018 high.
On a longer-term view, I think the pair can even go to 1.2700 in a few months given the hawkish BoC and USMCA potentially positive outcome.
Moreover, WTI has found support at 54.87, near 200-week EMA and 61.8% retracement of Jun2017 low to Oct2018 high.
On a longer-term view, I think the pair can even go to 1.2700 in a few months given the hawkish BoC and USMCA potentially positive outcome.
Trade active
Trade closed: stop reached:
The pair reached 1.33 on USD strength and lower low on USOIL yesterday.
I still hold bearish prediction though for the pair targeting 1.3000.
I still hold bearish prediction though for the pair targeting 1.3000.
Trade active:
reenter short below 1.3250
Trade closed manually:
closed short at 1.3189. USOIL might go lower.
Look for another short around 1.3250 or if there is a clear break of uptrend channel.
Look for another short around 1.3250 or if there is a clear break of uptrend channel.
Trade active:
The plan remains the same. USDCAD must first break the uptrend channel and 23.6% fibo around 1.3220.