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FX618Analysis

LOONIE Likely to target 1.24500 region as a consolidation move!

Long
U.S. Dollar / Canadian Dollar (FX:USDCAD)  
FX618Analysis  
FX:USDCAD   U.S. Dollar / Canadian Dollar
Trend Analysis Chart Patterns Technical Indicators USDCAD loonie LONG swingtrade 4h Exponential Moving Average (EMA) Monthly Pivots Trend Lines Oil
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trendanalysis chartpattern indicator usdcad loonie long swingtrade 4h ema monthlypivots trendline oil
Price seem to be supported by S2 MONTHLY PIVOT. A potential break of trendline could lead the price to aim towards descending trendline located at the area near S1 MONTHLY PIVOT. For the criteria to meet, The 4H candle needs to close above the trendline and 4H 50 EMA. After this the RISK TO REWARD needs to be evaluated based on WEEKLY pivots.

This move is likely just a consolidation move as the LOONIE looks to retrace slightly to a concrete psychological resistance at 1.25000. Downtrend is still in play as the currency is supported by commodities prices.

This is just my analysis and its not a trade signal. shall the the criteria meet I shall post the trade instruction in a new post.

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