🎯📈 "Navigating USDCAD: Insights for the Upcoming Week" 📈🔍
🕵️♂️ Let's delve into analyzing the popular forex pair USDCAD for the upcoming week!
🌟 In higher time frames, particularly weekly, the US dollar versus the Canadian dollar has been ranging between the price levels of 1.31811 and 1.38292 over the past 600 days. This indicates a logical fluctuation without any significant market-moving news.
🕯️ After reaching the weekly resistance or the upper bound of the range, we are currently observing bearish candlesticks in this chart, indicating the presence of sellers in the market.
⛔ However, in the four-hour timeframe, after breaking the short-term box resistance at 1.36120, we initiated an upward movement and reached the weekly resistance. This strong upward movement is currently halted, and the price seems to be approaching the 1.36120 region again, which served as a resistance earlier and is now acting as support.
📉 For a short position, I hesitated to raise the support line to bring it above 1.36120 to serve as a trigger. However, considering all calculations, the current support level seems appropriate, and we only view the line at 1.36350 as a trigger, not a support level, as it previously acted as resistance, leading us out of the box space on a fake breakout.
📈 To open a long position, we currently have a descending trendline of the continuation type. We can open a long position only if the trendline and a confirming candlestick or trigger at 1.36733 are breached.
🛡️ The upcoming supports are crucial: 1.36120, likely a returning point, followed by 1.35570, 1.34638, and 1.33543. The upcoming resistances are at 1.37346 and the main resistance at 1.38292.
📆 I recommend observing Tuesday, the first trading day of the week, to see if the market establishes a trend, allowing us to join and accompany it throughout the week.
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
🌟 In higher time frames, particularly weekly, the US dollar versus the Canadian dollar has been ranging between the price levels of 1.31811 and 1.38292 over the past 600 days. This indicates a logical fluctuation without any significant market-moving news.
🕯️ After reaching the weekly resistance or the upper bound of the range, we are currently observing bearish candlesticks in this chart, indicating the presence of sellers in the market.
⛔ However, in the four-hour timeframe, after breaking the short-term box resistance at 1.36120, we initiated an upward movement and reached the weekly resistance. This strong upward movement is currently halted, and the price seems to be approaching the 1.36120 region again, which served as a resistance earlier and is now acting as support.
📉 For a short position, I hesitated to raise the support line to bring it above 1.36120 to serve as a trigger. However, considering all calculations, the current support level seems appropriate, and we only view the line at 1.36350 as a trigger, not a support level, as it previously acted as resistance, leading us out of the box space on a fake breakout.
📈 To open a long position, we currently have a descending trendline of the continuation type. We can open a long position only if the trendline and a confirming candlestick or trigger at 1.36733 are breached.
🛡️ The upcoming supports are crucial: 1.36120, likely a returning point, followed by 1.35570, 1.34638, and 1.33543. The upcoming resistances are at 1.37346 and the main resistance at 1.38292.
📆 I recommend observing Tuesday, the first trading day of the week, to see if the market establishes a trend, allowing us to join and accompany it throughout the week.
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
