A bearish outlook on yet another Usd pair... As of last week Usdcad broke above structure acting as resistance and is managing to remain above it. However anytime price breaks a level that it has been struggling to get past it usually likes to go back to test that level where previous resistance acts as support. At the moment there is no way that we can think of shorting this market because it is still very bullish at the moment. With that being said it, it would not be surprising if price manages to reach around the 1.3800 area to gather liquidity for a sell. but it is at this level that a great opportunity may present itself to sell. because if we were to draw a fibonacci from the high to the low of the last major impulse as indicated by the red circles we can see that the 618 fib falls in line 1.3800 area which acted as support during that massive move.
So keep your eyes peel during the course of this week for an entry and i hope you have a great trading week !!!
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So keep your eyes peel during the course of this week for an entry and i hope you have a great trading week !!!
Drop a like to support more content. Many thanks.