Waiting for the breakout

Waiting for the breakout

17 February 2020, 11:35
Daniel Stein
0
115

Waiting for the breakout

The CAD was able to gain significant strength during the last days.

As a result USDCAD is about to break it's current BUY trend on D1.

1702_fxt


In FX Power the situation is not that clear as you can see below.

1702_fxp

The Delta (dotted line) between both currencies is mostly ranging in the neutral area between 0 and 3.


And what about the support and resistance situation.

1702_lh

Lighthouse insists to wait because we are still dealing with a massive support zone.


This is how the situation on USDCAD looks on H1

1702_H1


and on D1

1702_D1


Conclusion: In unclear market situations like this it is definitely better to stay out. The breakout will come for sure but not today.
Due to today's USD bank holiday there is probably not enough volume and power in the market to push USDCAD further down.
Nonetheless, it's definitely worth to be watched during this trading week. Once it breaks out we can earn money on all CAD pairs.

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All the best and happy trading
Daniel

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