ForumSections

USD/CAD Analysis - page 11

New comment
I am starting to doubt that the pair will break above 1.3100 right away, it has been testing it for a while now and it still hasn't been able to break above that level. We might see a move to the downside first, before it makes another attempt to break above the resistance.
I am looking at the four-hour time frame and I am questioning whether that was the end of the move to the downside. The pair reached 1.2830, formed a doji and a hammer candlestick above the support there and is now moving up again. I expected a bigger drop.
That wasn't the end of the move the downside, thankfully, because the pair found resistance at 1.3015, which is the middle line of the Bollinger Bands indicator on the four-hour time frame and started falling again. For the moment it's testing the support at 1.2880 and I think that if it breaks below that level next target will be 1.2700.
Bearish on this pair.
I agree, the pair is still very bearish and it broke below 1.2880. The closest target is 1.2800, but I think it will fall lower than that.
Even though the USDCAD has broken below the 1.2900 level, it is really oscillating on the daily chart and it may go back up. No clear direction yet.
I admit I wasn't expecting this move to the upside today, nor did I see any signals for it before it started. The only indication was that it was struggling to break below 1.2850.
Now the question is how much higher it will climb.The first target is 1.3000, I think.
I opened a long position yesterday and I am still keeping it open, because the pair has formed a new high above 1.3050 and I think the next target will be 1.3080 - 1.3090.
I managed to close that long position on time, thankfully. USD/CAD is moving in a tight range at the moment and I think next target is 1.2840 - 1.2830.
More oscillations on the USDCAD around the 1.3000 level as shown on the daily chart. The pair may go in any direction, but it is correlated to the direction of oil.
1...456789101112131415161718...62
New comment