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forexwithfred

USD/CAD - Potential Further Drop After Retracement

Short
U.S. Dollar / Canadian Dollar (FX:USDCAD)  
forexwithfred Updated   
FX:USDCAD   U.S. Dollar / Canadian Dollar
Trend Analysis Chart Patterns Wave Analysis USDCAD usdcadidea usdcadshort USD weakness Technical Analysis breakandretest
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trendanalysis chartpattern waveanalysis usdcad usdcadidea usdcadshort usd weakness technicalanalysis breakandretest
Hello Traders!,
Happy Monday, I hope everone's had an enjoyable weekend, despite the current ongoings with whats happening in USA and other countries
What Is The Markets Telling Us?
  • We see a massive drop off on US dollar strength, possibly due to widepread protest which will cost the country millions in repair
  • Upon New York Session opening we can see a retest of resistance @1.3730, followed by a significant drop, MAs are above price
  • This is a great example to show how fundamentals and technicals co-operate within the market
When Should We Enter?
  • Will be looking to execute SELLS once price has reached our retracement area
  • Although, we may see consolidation if there is a insufficient amount of volume, or even price may not reach our retracement area
  • All in all, before entering for a SELL, it will be ideal to see some sort of consolidation/retracement followed by bearish bias before selling

Trade closed: target reached:
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