USDCAD: More Upside? Or Gap FIll?
Hello everyone, this is my analysis for USDCAD;
- Both the USD and CAD have been relatively strong the past week as the pair continues to rise.
- Recently, price broke the upper-trend-line on the daily + weekly TF and reached extremely close to the past 4-year high (2016). Unable to fully test the previous high, the price rejected back to re-test the broken trend-line.
- After the first week of March, the price opened up about a 100 pips and the gap has still not been filled.
- An upside is possible to further test the 4-year high (and break it to test the next resistance zone at 1.5125) or a correction, downside, may be the next move if USD and CAD fall weak in order to fill the gap.
- Thank you for dropping by and checking out my idea!
- If you support my view, a like would be highly appreciated. Otherwise, feedback and suggestions are always accepted!
Good luck!
- Both the USD and CAD have been relatively strong the past week as the pair continues to rise.
- Recently, price broke the upper-trend-line on the daily + weekly TF and reached extremely close to the past 4-year high (2016). Unable to fully test the previous high, the price rejected back to re-test the broken trend-line.
- After the first week of March, the price opened up about a 100 pips and the gap has still not been filled.
- An upside is possible to further test the 4-year high (and break it to test the next resistance zone at 1.5125) or a correction, downside, may be the next move if USD and CAD fall weak in order to fill the gap.
- Thank you for dropping by and checking out my idea!
- If you support my view, a like would be highly appreciated. Otherwise, feedback and suggestions are always accepted!
Good luck!
Comment:
- Price has broken the previously broken trend-line downwards. Now, a gap fill is possible.