There can be a possible SHORT swing trade opportunity.
Currently, the pair is hanging around the 6 Year low. And with GBP looking very weak a short opportunity is highly probable towards the 9-year low.
Be patient. Trade Safe, Amaanos
Short Idea
With the oil prices rising and CAD being highly related to crude oil there is a high probability this time to break the resistance after testing it 5 times. A short opportunity can also be supported by the 50/200 EMA crossing.
Long Idea
Testing the price at a psychological level of 1.34000 for 5 times we can't dismiss the idea of bouncing back the...
A pullback towards 0.6850 will be an excellent opportunity to get a sell with the USD currently looking strong with the possibility of a recession.
BE PATIENT
Trade Safe,
Amaanos
In the upcoming week if the price bounces back to 1.48600 there is a opportunity to go short.
The next idea would be to maybe wait for the double bottom to break and retest that area to go for a short opportunity.
BE PATIENT
Trade Safe
Amaanos
We could see a short opportunity this week open up if it breaks the resistance and continues moving downwards. Since CAD is highly correlated to crude oil, and the oil prices are going up.
In the 1-day chart there is a formation of an uptrend channel, this can also be confirmed by the 50 and 200 moving averages. Hence there is a probability of a long opportunity.
There is a resistance forming, in the 4 hour time frame which suggests a high probability for EUR/USD to go down in the upcoming weeks. Combined with the recession fears and the fed pressured to hike the rates.
