Forex Market Analysis and Trading Tips 21st July 2016 (USDCAD)
SUMMARY:
The USDCAD pair bounced slightly during the course of the day on Wednesday, using the 1.3037 level as support. At this point in time, the market is looking bearish. The primary trend of USDCAD is bearish on charts and price is trading below its support trend line in its hourly chart. In its daily chart the price is sustaining below 50 day SMA that are appears on the above image indicating downtrend of the pair. It is having an important resistance at the level of 1.3075 Support at the level of 1.3037. If it breaks its support level on the downside and sustains below it then we can expect it to show further bearish movement in the pair.
INDICATORS:-
MACD is sustaining in its negative territory indicating the bearish trend in the pair.
RSI is sustaining in its selling zone indicating the upcoming negative trend in the pair.
STRATEGY:
USDCAD is looking bearish on charts for next few trading session. One can go for sell on higher level strategy for this pair for intra day to mid term positions in it.
Thank you for reading guys, I am humbled by your response to my ideas and I wish you all the best with this trade!
Likes and comments appreciated :)
www.tradingsignalreviews.com
The USDCAD pair bounced slightly during the course of the day on Wednesday, using the 1.3037 level as support. At this point in time, the market is looking bearish. The primary trend of USDCAD is bearish on charts and price is trading below its support trend line in its hourly chart. In its daily chart the price is sustaining below 50 day SMA that are appears on the above image indicating downtrend of the pair. It is having an important resistance at the level of 1.3075 Support at the level of 1.3037. If it breaks its support level on the downside and sustains below it then we can expect it to show further bearish movement in the pair.
INDICATORS:-
MACD is sustaining in its negative territory indicating the bearish trend in the pair.
RSI is sustaining in its selling zone indicating the upcoming negative trend in the pair.
STRATEGY:
USDCAD is looking bearish on charts for next few trading session. One can go for sell on higher level strategy for this pair for intra day to mid term positions in it.
Thank you for reading guys, I am humbled by your response to my ideas and I wish you all the best with this trade!
Likes and comments appreciated :)
www.tradingsignalreviews.com
