Prices are testing a key support zone at 1.3750 on the H1 timeframe, which coincides with the 38.2% Fibonacci retracement. A break below the zone could provide the bearish acceleration to the next support zone at 1.3680, in line with the 78.6% Fibonacci retracement and 161.8% Fibonacci extension. Failure to break below the support zone could see price bounce to...
Prices have broken below a key support zone at 1.3380 on the H1 timeframe. A pullback to this level, which is in line with the 50% FIbonacci retracement, could provide the bearish acceleration to the next support zone at 1.3320, which coincides with the 78.6% Fibonacci retracement. Prices are lying below the Ichimoku Cloud as well, supporting our bearish bias.
On the H4 timeframe, prices are ranging between 1.3450 and 1.3350. A pullback to 1.3450 could see prices break below the support zone at 1.3350 to the next one at 1.3320, in line with the 78.6% Fibonacci retracement. Prices are lying below the Ichimoku Cloud as well, supporting our bearish bias.
The USD is not in the good condition and after the CPI data it is worse for USD. I think USDCAD will fall more in next week.
The USDCAD is moving in zig zag and running sideway in the box. Wait for the breakout of the box then take an entry to that direction. I think it will fall that's why I set it in short.
Yesterday NFP news was come in the favor of USD, but market react against the news. This is making sense that USD has no power and by this USDCAD seems more bearish.
On H1 chart the market of USDCAD has made fake breakout which is giving us strong selling pressure on it.
The market of USDCAD made fake breakout to descending trendline and now moving downside. I believe USDCAD will fall more. Better to look sell opportunity on it.
The market has made Double Top on D1 chart which is enough to say that it is sign of bearish market.
USDCAD is falling since last two weeks and I believe further downside movement on it. Better to look sell opportunity on it.
The market of USDCAD is rejecting from the ascending trend line and also rejected from EMA 200 which is giving strong indication of downside fall.
Hey guys, back with another analysis. I just found a high probable setup on USDCAD. Please do like and comment and follow for more. :) Daily, we can see it is respecting this bearish trend making LL and LH, I think it has made the LH and it should continue bearish from now. Also got a confluence from Fibonacci Retracement, it is at the golden zone of 61.8%. ...
UsdCad is expected to fall due to higher oil price. CanadianDollar strengthening.
Bearish on the pair but always wait for a confirmation before entering a trade. This is an analysis and projection - not a signal.
Thank you for supporting. If you like my ideas, please write in comment below. Disclaimer the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.
- Admittedly, I made a premature entry earlier this week as I expected price to hold below the 1.4151 level - Current fakeout where price crossed above this level very briefly and then crossed below it is a good signal that we can expect further downside ahead - Before making a short entry play, we'll need to eye the 1.4118 level as we could potentially see this...