Earlier in the week I posted a possible long trade set-up for USDCAD. This trade never materialised and instead turned to the downside with a daily close below the ascending trend line. As such, I have amended my perspective to the downside and view further depreciation of price in the coming weeks.
Weekly Fibonacci with retracement to 50%
Weekly break of the ascending CTL
Price currently testing the Daily 200 MA support
Daily EMA and MA crossover to the downside is impending
Awaiting a daily close below 1.31 to trigger shorts
First target of 1.28 and a break below this could lead to the price going much lower to even possibly complete the weekly Fib extension to -27% at monthly support of 1.1850
This would be a huge move and will require patience and monitoring.
Also there are a number of fundamentals which could impact this price action and so the advice would be to take care when trading this pair in the coming weeks/months.
Weekly Fibonacci with retracement to 50%
Weekly break of the ascending CTL
Price currently testing the Daily 200 MA support
Daily EMA and MA crossover to the downside is impending
Awaiting a daily close below 1.31 to trigger shorts
First target of 1.28 and a break below this could lead to the price going much lower to even possibly complete the weekly Fib extension to -27% at monthly support of 1.1850
This would be a huge move and will require patience and monitoring.
Also there are a number of fundamentals which could impact this price action and so the advice would be to take care when trading this pair in the coming weeks/months.