USDCAD POTENTIAL SHORT OPPORTUNITY (1W CHART)

OK SO THIS IS A LONGER OUTLOOK ON THIS PAIR BUT WANTED TO MAKE THIS POST BECAUSE THIS IS WHAT THE MARKET HAD BEEN SHOWING ME. IF YOU TAKE A LOOK AT THE LEFT SIDE OF THIS DATA CHART IT SHOWS THAT THERE WAS A STRONG SELLER PUSH TO THE DOWNSIDE FROM MAY, 2017 TO SEPTEMBER, 2017. THIS WAS A LONG DOWNWARD PUSH AND IT CONTAINED GOOD SELLER MOMENTUM AND STRENGTH. IF YOU TAKE A LOOK AT THE CHART DATA FROM THE TIME FRAME OF JANUARY, 2018 UNTIL NOW YOU CAN SEE IT HAS BEEN UPTRENDING. NOT ONLY THAT THOUGH, BUT IT HAS BEEN UPTRENDING WITH WEAKER MOMENTUM THAN THE DOWNWARD PUSH THAT WAS MADE, DISPLAYING THAT THE SELLER CAN EASILY COME BACK INTO CONTROL. IF YOU LOOK AT PRICE ACTION VERY RECENTLY YOU CAN SEE THAT AROUND THE END OF MAY (27TH..) PRICE FAILED TO BREAK THE HIGH MADE IN DECEMBER OF 2018. NOT ONLY DID IT FAIL TO BREAK HIGHER BUT STRONG SELLER MOMENTUM CAME IN SHOWING STRONG INTEREST AS WELL AS A POSSIBLE CHANGE IN MOMENTUM OF TREND. KEEP AN EYE ON THIS PAIR FOR A BREAK OF STRUCTURE AROUND 1.13100 AND A WEAK BUYER RE-TEST BACK INTO STRUCTURE AND LOOK FOR POTENTIAL SHORT.

CHEERS!

Comment:

On its way to Target One zone ! Cheers!