• First descending short term trend line was broken
• Second descending long term trend line is the next target (near 1.2780)
• Before that lies the 50-day moving average near 1.2750
• USD picking up pace after strong retail sales data
• Long positions should be short lived since the CAD is supported by rising oil prices
The pair is currently stuck between the Fibonacci channels and the two major trends.
If the falling trend with the 0.382 Fibonacci channel is not broken, we can see 1.41 levels again. However, if these prices break these trends, the target will be around 1.20.
It contains only personal views and opinions. Does not contain legal investment advice ...
luego de retroceso de 15 min, se espera continuación de tendencia principal en ventas, Fibonacci a 38% y 68% niveles con mas alta probabilidad de retesteo, guiarse por acción del precio para entrar en ventas hasta los niveles mostrados
SL 1.94076 (79 Pips) We can see market is setting itself for an uptrend, we also see the engulfing bullish candle which adds extra confluence to our trade. SL is placed below a key level of support in case of a reversal. Always use proper risk💯💯
My sentiment changed from bullish to bearish on this pair.
Looking at weekly timeframe, one would see that the pair was in a bullish retracement/reaction which is seemingly fading into what would seem a bearish impulse move.
Good morning traders!
My views strongly changed on USDCAD. I'm heavily bullish. I previously relied on 4H timeframe, which furnished me with a bearish signal. However, the price action on D1 timeframe issued me with a revised bias.