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...
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
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.
Strong Support and looking for a move up. News at 7:30am here in the United States should be good and should push this up!
Enter with your own system as my analysis on Usd being bull has not become true all week!!!!
Use extra care
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.
Possible signature buy trade.Price broke through the wedge to go to the previous weekly low and did a wick fill and was rejected.Anticipating a reversal.W pattern formation on H4,H1 and signature W formation on 30min
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.
Overall, USD/CAD is moving across. Recently, USD/CAD trended lower, breaking the support level of 1.31800.
USD/CAD’s next support level is at 1.30600 and the next resistance level is at 1.31800.
Look for short-term selling opportunities of USD/CAD.
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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