USDCAD - Daily Timeframe Overview - Short Opportunities
Following our numerous analyses on all CAD pairs, we all had the chance to observe a weaker Canadian currency which, in turn, produced extensive corrections of it's pairs to the upside. A correction to the downside of the price of Oil, pushed these pairs even further up. However, and this is what is really important in our analysis, all these movements to the upside of the Cad pairs, including the one on USDCAD, have registered as corrections, not impulses. This is a fundamental difference, because it tells us that even if the pairs would have commenced a weekly / monthly medium term uptrend, no matter what, their structures would still need to complete with one more impulsive downside leg, on the 4hr timeframe or, at the minimum, a daily downward correction. Reason for which, from this moment onwards on this pair (as well as on other cad pairs), we will only be looking for sell setups. Our minimum expected target for this pair in particular will be in the 1.269 range (in the possibility that the pair will make one last attempt to break the previous top within the daily correction (or channel, as drawn in the chart). But potentially, the pair could also just drop to retest the lower channel trend line, or drop further. Updates on smaller timeframes will follow.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.
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