DeGRAM | USDCAD correction in the local channel Short

U.S. Dollar/Canadian DollarFXCM

Description

⋅ Apr 5, 2024 12:13 PM

USDCAD is moving in the local descending channel.

The chart reacted 4 times with an immediate decline on reaching the upper boundary of the channel.

The price is still under strong resistance coinciding with the 88.6% retracement level.

We expect a pullback from the upper boundary of the channel.

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Share your opinion in the comments and support the idea with a like. Thanks for your support!

Comments

JoeChampion

⋅ Apr 7, 2024 9:21 AM

Technically it may appear bearish, but fundamentally dollar is too strong now with nfp above expectations and also preparing for a potential hot CPI. i think your kill zone will more likely broke

DeGRAM

⋅ Apr 9, 2024 7:19 PM

@JoeChampion, thanks for comments =)

TheFxAce

⋅ Apr 6, 2024 11:58 AM

Your insights into potential market declines are timely and relevant.

DeGRAM

⋅ Apr 9, 2024 7:20 PM

@TheFxAce, great thoughts!

Setupsfx_

⋅ Apr 6, 2024 2:01 PM

agree with usdcad analysis

DeGRAM

⋅ Apr 9, 2024 7:19 PM

@Setupsfx_, thank you bro =)

DeGRAM

⋅ Apr 5, 2024 12:15 PM

Good luck in the markets and have a great trading week!