USDCAD | Perspective for the new week | Follow-up
The price moved against us since my last publication ( see link below for reference purposes) as CA$1.26000 level was unable to hold on the back of crude oil volatility. The Bearish run that has lasted exactly a year appears to be building a reversal pattern with my Key level @ CA$1.24900 representing a Neckline.
With the present simple structure, it appears that the Greenback will likely move higher over the next couple of weeks as the price is expected to remain supported in the long term around my Key level considering the fact that crude oil market volatility is calming down.
Tendency: Uptrend ( Bullish )
Structure: Breakout | Supply & Demand | Reversal pattern
Observation: i. Since the Breakdown of Key level @ CA$1.29400 on the 12th of March 2021, the price finally shows signs of Breaking and closing above this level during last week trading session.
ii. Even as the possibility of a correction move that might extend deep into CA$1.24500 might happen in the coming week, buying above Key level is most sensible in this setup. Why?
iii. We have been on a Downtrend for an extended period of time and it will only make sense that we are patient to confirm that the Buyers have finally taken over hence anywhere above Key level seems very reasonable.
iv. In case you find yourself buying above Key level before the deep, it is advisable to opt-out once the price deep below $1.24800 with the intention of planning a re-entry... Trade consciously!
Trading plan: BUY confirmation with a minimum potential profit of 250pips.
Risk/Reward: 1:4
Potential Duration: 4 to 10 days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
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.
With the present simple structure, it appears that the Greenback will likely move higher over the next couple of weeks as the price is expected to remain supported in the long term around my Key level considering the fact that crude oil market volatility is calming down.
Tendency: Uptrend ( Bullish )
Structure: Breakout | Supply & Demand | Reversal pattern
Observation: i. Since the Breakdown of Key level @ CA$1.29400 on the 12th of March 2021, the price finally shows signs of Breaking and closing above this level during last week trading session.
ii. Even as the possibility of a correction move that might extend deep into CA$1.24500 might happen in the coming week, buying above Key level is most sensible in this setup. Why?
iii. We have been on a Downtrend for an extended period of time and it will only make sense that we are patient to confirm that the Buyers have finally taken over hence anywhere above Key level seems very reasonable.
iv. In case you find yourself buying above Key level before the deep, it is advisable to opt-out once the price deep below $1.24800 with the intention of planning a re-entry... Trade consciously!
Trading plan: BUY confirmation with a minimum potential profit of 250pips.
Risk/Reward: 1:4
Potential Duration: 4 to 10 days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
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
i. Since the Breakdown of Key level @ CA$1.29400 on the 12th of March 2021, the price finally shows signs of Bullish tendency after Breaking and closing above this level during last week trading session.