Good Morning all, Sorry I'm late with this analysis - entered the trade very early this morning and was unable to write up my analysis before now so I apologise for the late entry, however we have plenty room for pips yet so I thought it would be worth adding. The USDCAD has been trading in a tight range but we've seen a bearish breakout below a lower ...
So far price from last week has seen a bearish price break to the lows of 1.33400 from around that area price has come back up off some support. The forecast for this week is price to come up to that daily resistance of 1.34364 and and we want to typically see a break of the trend line (4HR) to the downside. Just will be patient to see how it develops.
The Canadian dollar and crude oil is the inverse relationship, if crude oil continued to decline, the Canadian dollar will continue to weaken. So under the premise of falling crude oil prices, we can not make a choice to buy Canadian dollars. I prefer a price correction to re sell the Canadian dollar.
Price just this past week hit a key support area on the daily chart, now we just need a little bit of patience for price to give us the right confirmation for it to come to show signs of continuation to the downside. BE DISCIPLINED AND WAIT! Click to join: https://t.me/blueprintfx Need one on one guidance? Let a trader help! www.blueprintforex.com
a break below here will unfold the move towards 1.2820 and 1.28, 1.25 is the extension there which will be unlocked once we see a break below the neckline. The 1.34 handle is there to be respected, RSI also looks to break below here to further activate the waterfall. Gl and please remember to give this idea a thumbs up!