As we are approaching the end of the year the liquidity tend to dry out as big money are in the holidays, so most of the pairs are tend to move in ranges and consolidate a lot unless there a political statement that change the market sentiment.
Traders! if you like my ideas and do take the same trade, please write it in comment so we can manage the trade...
Price is trading in the area of support. I would go long for a short term trade with stop loss about 15pips below the support line to make sure it is not triggered by the market's noise.
USDCAD is consolidating on minor structure support.
I believe that there is a high chance to see a bearish violation of it
with further bearish continuation to lower levels of structure.
I am waiting for a breakout of this support to sell the market.
Target levels:
1.310
1.303
USDCAD reversed off its resistance at 1.31940 where it could potentially drop further to 1.31000.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
understand the risks.
Major Pattern: Ascending Channel with an extension of a Descending Channel which indicates that there is a possibility the price will going to the red zone before going to the downside
Minor Pattern: Falling Wedge
USDCAD is expected to drop to 1st support at 1.31412 where it could potentially react off and up to 1st resistance at 1.31935.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
understand the risks.
USDCAD (1H) - short term bearish bias
Last week's bullish impulse turned out to be a dead cat bounce, then hopes faded after the price dipped below the support level of 1.3160. The short-lived recovery of the RSI from the over-sold area was met with renewed selling pressure. We would expect the mood to remain bearish as long as 1.3190 contains any pullback. For...
The US Dollar vs. the Canadian Dollar is a very popular currency pair due to the extremely large amount of cross border trading that occurs between the U.S. and Canada. The CAD is considered to be a commodity currency because of the large amount of natural resources, especially oil, that are mined and exported to southern neighbors. The USDCAD is one of the most traded currency pairs in the world.
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