Looking at the H4 chart, Price has reversed from the resistance level at 1.3706 which is overlap resistance. A reverse from this level, price could drop to the support level at 1.3663 along with a 38.2% Fibonacci retracement.
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Hi everyone this is my trade set up for the USD/CAD
USD/CAD possible short TRADE is going against the trend so slightly risky, wait for a confirmation candle or pattern to form look for something concrete then if it meets your criteria for a trade then execute
This is my analysis only please trade with caution and risk management in place
good luck for this...
BTCUSD has Breaked the main channels bottom line in the H1 chart so after this Small retesting it has maximum Chances that it will go down to the Price level 17.8k
Keep in touch we will update further soon
USDCAD is testing upside confirmation, in line with our 50% fibonacci retracement nad 100% fib extension. We could see a possible further bounce above this level to our first support. This is also in line with the Ichimoku cloud where price is on support.
USDCAD is testing upside confirmation, in line with our 23.6% fibonacci retracement. We could see a further bounce above this level to our first resistance target if price closes above it. This is also in line with the trendline where price could potentially pull back towards before a reversal.
Here on USDCAD we can see that price has been trending downwards since early March while also still managing to stay within a consolidation zone ranging from 1.41500 to 1.38700. Price recently started to show signs it is trying to make a lower lower and continue its trend down. Price recently broke out of a structure and found strong resistance at 1.39600...
Today the 50 MA crossed over 20 MA confirming a somewhat bearish trend.
MA 150 floating over the TOP of both 50 & 20 further confirming Bearish trend
OPEC NEWS Wed will confirm bearish trend and DXY also having trouble closing over 100.86
Will update this Wednesday after news to confirm
Shorting until 1.4000 as well
Entry: 1.40928
#recession2020 is about to...
USDCAD is trading in rising channel for long time we may see channel breakout on downside target 1 is @ 1.3739 if channel breakout on downside we may see target 2 @ 1.3530. trade with stoplos
