From D1 perspective, USDCAD is in a downtrend, while as for H4, price is recently moving in a range condition where resistant can be found at 1.2180+-.
Temporally USD strength which sent the price to close higher at above SMA200 last Friday during US session.
If the price were to retest again this resistant with rejection pin bar at this resistant, look for short term sell opportunity during NY-Europe overlap session till its minor support which is 1.2060+-.
Do take note that the FED is set to have their meeting on Thursday 2am MYT, FED likely to hold rate unchanged at 0.25%, while the FOMC statement may create some volatility during the event as trader looking for a clue on the recent QE tapering.
Remarks from author
1)This analysis does not represent long or short trade immediately, it is solely on the author analysis
2)Trade at your own risk with proper lot sizing and follow your own trading plan
3)Risk management is always be the top priority
Temporally USD strength which sent the price to close higher at above SMA200 last Friday during US session.
If the price were to retest again this resistant with rejection pin bar at this resistant, look for short term sell opportunity during NY-Europe overlap session till its minor support which is 1.2060+-.
Do take note that the FED is set to have their meeting on Thursday 2am MYT, FED likely to hold rate unchanged at 0.25%, while the FOMC statement may create some volatility during the event as trader looking for a clue on the recent QE tapering.
Remarks from author
1)This analysis does not represent long or short trade immediately, it is solely on the author analysis
2)Trade at your own risk with proper lot sizing and follow your own trading plan
3)Risk management is always be the top priority
Trade active
Trade closed: stop reached