USDCAD reversed off its resistance at 1.33424 where it could potentially drop further to 1.32899.
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Hello my dear friends,
USDCAD currently stands in front of resistance and showing withdrawing of bullish momentum which suggests that we very likely would see a bounce back of prices.
So you can use this resistance level with very tight stop-loss and target lower levels.
Of course if prices consolidated and penetrated the resistance level, we will turn into an...
My forecast remained the same:
USDCAD was unable to break the support line and almost rose to the resistance level of 1.334
After a false break of the channel, I am looking for sales, but so far there has been no suitable signal.
But now the price is near the resistance line (at the H3 timeframe), near the channel resistance line and near the...
Triple top formation at key level resistance. Price has tried many times to break this level / higher high but is not able to & momentum has slowed down. This could be a signal that a trend reversal may come into play soon & start moving price back to the downside.
In our market outlook this week we highlighted the non-commercials decreasing their
short positions and the commercials continuing to increase their long positions for GBP futures.
This suggests we could see a reversal in current GBP trends. GBPCAD has rejected the weekly demand
zone and with the daily impulses getting shorter and shorter we identified an...
Overall, USD/CAD is trending upwards. The recent downtrend was reversed by a strong upward move.
At the moment, USD/CAD is testing the resistance level of 1.33300. Its next support level is at 1.31800.
Looking at the USD/CAD pair, it’s obvious that the US dollar should continue to go much higher. The 1.3350 level should continue to offer resistance as we have seen it come into play the last couple of weeks, and now it looks as if we are testing it again during the Tuesday session. This makes sense, because there is a lot of negativity when it comes to crude oil...
Having the current candle movement, the market does suggest a potential breakout and close above the resistance.
My EA pattern recognition software I've been testing for 1-year plus picked this up as you can see it spotted a bigger picture that can't even fit the entire bat in the chart.
Definitely a countertrend setup on this.
If you had read the previous...