Hello traders, this is a complete multiple timeframe analysis of this pair. We see could find significant trading opportunities as per analysis upon price action confirmation we may take this trade. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
USDCAD (SHORT)- If all the resistance holds in place.
If we see the Resistance broken out then we could see the shift in the trend.
I marked the TP 1, TP 2 , TP 3 and EXIT (SL) on the chart.
(THIS IDEAS VALID NEXT 24 HOURS)
Please note this is only the Trade Idea base on S & R and not a signal, the market can react differently during the session and only enter...
USD/CAD rallied on Friday to the highest level since December 2020, further beyond 1.2900, This was due to the recent slump in crude oil prices, undermined the commodity-linked loonie (CAD - Canadian Dollar),
We expecting the pair to re-test the key support levels listed on the chart, due to uncertainty on the financial ( Afghanistan ) before a BULLISH...
Im seeing a bearish trend on USDCAD but we also got a wick fill at .33821 on Daily so untill I see confirmation of a reversal Ill be entering sales ( Feel free to leave a comment )
USDCAD is approaching our first resistance at 1.2960 (horizontal overlap resistance, 61.8% Fibonacci extension, 23.6% Fibonacci retracement) and a strong drop might occur below this level pushing price down to our major support at 1.2858 (horizontal swing low support, 61.8% Fibonacci retracement). Ichimoku cloud is also showing signs of bearish pressure in line...
Fundamentals:- We are expecting weaker data coming out from USA in terms of CPI, PPI and retail sales this week and on the Canadian side we are expecting to see an increase in inflation. We do need Oil to find support in order for this trade to work and will watch the correlation throughout the trade.
Technicals:- We are experiencing a pull back from the...
