USDCAD:
We are looking for a swing trade so I will utilize the weekly and 4 hour timeframes to make my decisions. On the weekly timeframe we look for three things in particular which are our key levels, patterns and candlestick analysis. On the 4 hour timeframe we focus on using most of our technicals which is including fibonacci, support and resistance, supply and demand zones, market structure, candlestick analysis etc.
On the weekly timeframe price is currently in an uptrend. We can see that HH’s and HL’s are being formed. Last week formed a bullish signal closing as an inverted hammer candle engulfing the previous weeks candle as well. We are about 240 pips away from our upper stisance zone so price could definitely find it’s way back towards that area.
On the H4 timeframe we can see that price was actually forming a bit of a downtrend then broke resistance and pushed to the upside last week which was unexpected.
The best idea we can wait for here would be a retest of the previous resistance where we find support again to confirm. Once we establish the support level we can continue to ride this trend potentially all the way up until the 1.29200 level.
We are looking for a swing trade so I will utilize the weekly and 4 hour timeframes to make my decisions. On the weekly timeframe we look for three things in particular which are our key levels, patterns and candlestick analysis. On the 4 hour timeframe we focus on using most of our technicals which is including fibonacci, support and resistance, supply and demand zones, market structure, candlestick analysis etc.
On the weekly timeframe price is currently in an uptrend. We can see that HH’s and HL’s are being formed. Last week formed a bullish signal closing as an inverted hammer candle engulfing the previous weeks candle as well. We are about 240 pips away from our upper stisance zone so price could definitely find it’s way back towards that area.
On the H4 timeframe we can see that price was actually forming a bit of a downtrend then broke resistance and pushed to the upside last week which was unexpected.
The best idea we can wait for here would be a retest of the previous resistance where we find support again to confirm. Once we establish the support level we can continue to ride this trend potentially all the way up until the 1.29200 level.