Analysis of #USDCAD
here we have is my view on USDCAD higher time frame
As we can see the market has unable to bounce off the structure and keep hitting the structure level, and you know what will happen if you keep knocking on the same door eventually it will open.
you know this is somewhat an oil trade and oil been falling good lately and...
At the moment , USD/CAD🇺🇸🇨🇦 is lying on the 2 strong support. The bounce here is quite likely as ROT and Stochastic suggest. The pair is expected to test the channel's resistance.
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Overall, USD/CAD is trending downwards.
The Canadian GDP m/m data (Actual: 0.8%, Forecast: 0.9%, Previous: 0.9% revised from 1.2%) released yesterday indicated a slight slowdown in economic growth in September.
Also, the Canadian Manufacturing PMI data (Actual: 55.8, Forecast: NA, Previous: 55.5) released indicated little change in the rate of expansion of the...
In my earlier article, " Proving Your Trading System with Backtesting ", I demonstrated how, in the Futures market, you could backtest your trading system, see what works and what doesn't, change your variables, and rinse & repeat until you have a winning trading formula.
You GET this winning formula by torture-testing (ahem, *back*testing) your system under...
USDCAD is facing bullish pressure from our first support, in line with the 78% fib extension , where we could see a further bounce towards 1st resistance. Although the longer-term direction is still bearish as the trendline and IChimoku indicate, we could see limited pushup towards our 1st resistance before a reversal. Stochastics is also indicating bullish momentum.
This currency is right now a very strong support level, you should see the American dollar getting stronger and going up in the next few days and then continue going down all the way to the 700's. make sure to do your TP1 in the 400 areas and your TP2 in the 500.
Dear traders, the price action shows the pair has not been able to make a close below the critical support around 1.2940. This implies a high probability of a bounce here. Stop loss could be put around 1.2900.
USD gains broadly as stocks consolidate gains; ADP jobs at 8.15.
CAD steadies around mid 1.29s with flat crude oil.
EUR drops to mid 1.20s as UK trade risks linger.
GBP falls sharply as Barnier warns of no trade deal.
JPY reaches one-week low as move away from safety extends.
AUD supported by better than expected Q3 GDP.