<USDCAD>Market Analysis 20200103

Hi, everyone. This is my first post in English.

As usual, let me start with long term market analysis. My chart analysis always begins with long term analysis i.e. monthly chart and/or weekly chart on a daily basis.

<Long term>
Monthly chart
It’s been in range since 2016.


Weekly chart
It has been in range for long and recently it breaks down red horizontal line which is bottom of the range since 2019.
By the way, this red horizontal line is same as fibonacci line drawn in monthly chart hence it is the line that all are conscious for trading.


<Mid term>
Daily chart

In daily chart , it is in range as well, however, the market situation has changed as follows;
-It breaks out the support of range(below red line)below with big bearish candlestick
-It breaks out another support(green line; connecting recent low prices)
Also, latest candlestick is supported by fibonacci 1.618 line.

<Forecast>
I assume price goes down as the range is broken out and would like to aim short entry once price comes back from fibonacci 1.618 to the bottom of the range.
Target profit taking point is fibonacci in monthly chart; 0.618 which is below the current candlestick .
Loss cut will be above the bottom of the range.

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-Who am I?
Hello, everyone.
I am Santa and have been doing forex trading in Thailand.

To me, forex is one of the ways to realize individual life independent from 9-5 jobs and belonging organizations.
I am sharing on social media lifestyle that is free and independent so that people can realize various lifestyle.

My policy on tradingview is to explain market forecast based on fact which is price action and logically explain how the market will move.

-Market analysis
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