USDCAD: Update & Trade Idea!

USDCAD: Update & Trade Idea!

30 May 2016, 10:27

USDCAD Daily Chart - May 30, 2016


 USDCAD is going according to our analysis and on the longer term we expect price to reach in the (B) target, anywhere inside the box where price ranges from 1.35-1.38. However if we pay attention on the smaller time frames, a good shorting opportunity is developing considering that blue (b) needs to have a smaller yellow (c) down.

USDCAD 4H Chart - May 30, 2016



 On the H4 chart, the 2 latest candlesticks failed to close above 61.8% Fibonacci Retracement which coincides which the important resistance area denoted in the chart by R1. If our analysis is correct, USDCAD has topped for the moment and it needs to retest the 1.28-1.29 area before starting to rally again.

The Short setup is ...Read More

Share it with friends: