USD/CAD still maintains a downtrend after the decision of the Bank of Canada
USD/CAD has remained in a downtrend since Wednesday after the BoC voted to keep interest rates unchanged at 5.0%. However, the BoC still leaves open the possibility of raising interest rates even though the economy has weakened somewhat.
From a technical perspective, USD/CAD fell below...
USD/CAD has had a hard rejection at the top of the Daily Bull channel. Unfortunately, we did not close the gap between 1.39 and 1.40. Instead, we fall back down to the 1.36500 area and still have some room to fall. I would start longing around 1.36, look for entries on the 1hr or 4hr chart and hold a position until the top of the bull channel.
Key Points:
1....
US dollar stopped its gain and reverted against the most major currencies. On the 4H graph against Canadian dollar, the instrument managed to break the support of the forming uptrend channel and started reverting into downturn.
MACD histogram indicator is confirming this downtrend, the RSI fast moving line is already below the 50 neutral line, but with clearly...
USDCAD is trading in Descending Triangle Pattern. It may face the resistance of the trend line after giving a good rally in preceding days. But it will not able to break the trend line and its pullback from the trend line resistance. So, we might see USDCAD may take support at minor support 1 and consolidate for time, or if it breaks that minor support, we may see...
USDCAD has given a good breakout from falling trendline from its top. Now it is trading in channel pattern, as you can see in the chart. Within the channel pattern, it is forming head and shoulder pattern, which is a trend reversal pattern, so we might think it will show downside after breaking the neckline of the head and shoulder pattern. Its target on the...
SL may need revising..
Price just coming off a line of resistance however daily trend suggests price is in a very grey area.
In other words it it can either hit SL or TP, just like every other trade.
