FXtrades-gp

USDCAD: keep this Market in your WATCHLIST!

Short
FX:USDCAD   U.S. Dollar / Canadian Dollar
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🟢Forex Pair:
USD/CAD

Technical Analysis:
In the weekly time frame, since September 2017, the price has been following an uptrend, getting a stronger impulse in December 2019.
Once the price reached an important resistance zone at about 1.46700, it started collapsing down it's currently continuing the same trend.

In the daily time frame, since March 2020, the price has been moving with a clear bearish movement, creating an interesting falling wedge pattern (many rejections on its dynamic S/R line are an extra confirmation).
It is currently in downtrend and there is a nice possibility to see the price reaching its dynamic support line.

In the h4 time frame, the price is moving inside a descending triangle and it's now retesting the support zone at about 1.26200 for the third time.
The next price action around that level will be essential to understand the next market movement.


🔴Conclusion:
I believe the price is slowly losing strenght to grow and reach its dynamic resistance line but I'm still confident to see a trend correction before eventually collapsing down breaking through the support level at 1.26200.
I'll be waiting the breakout of the current level before planning any short position!

Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!

⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️

Trade Safe and Responsibly,
Gianni

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Comments

I love this analysis. thank you for sharing
+1 Reply
@abel11, thanks so much!
Reply
I agree for this one too
+1 Reply
FXtrades-gp TheSignalyst
@TheSignalyst, Thanks so much Rich! I'm glad to know that !:)
Reply
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