genebautista2014

USD/CAD: 4hr chart retracement analysis (23rd of September 2017)

OANDA:USDCAD   U.S. Dollar / Canadian Dollar
11 views
1
11 0
This is my 4hr chart breakdown for USD/CAD .

From the daily chart We can see that this pair has been on a bearish move for a while and has rallied before continuing its momentum down.

Currently, its retracing once again before it potentially continues its momentum downwards to my weekly support zone at 1.19226.

It's currently hovering at the 38.2% level however I believe it will retrace to the 50% level next week (yellow zone). It also could potentially retrace to the 61.8% level which aligns with a descending trend line I drew.

I invested a very small capital of £50 last night and have entered a BUY trade, the retracement zone being my take profit.

I will be looking for a swing entry at the retracement zone to catch its bearish move which has a 400 pip potential.
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out