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USD/CAD close to visiting resistance - page 32

Ari Goldman
702
Ari Goldman  
The upward trend seems strong. Expecting it to continue in the next week.
Diana Jackson
594
Diana Jackson  
Ari Goldman:
The upward trend seems strong. Expecting it to continue in the next week.
I thought so too, but USD/CAD formed a second bearish shooting star bar on the weekly time frame at the resistance at 1.3800. The possibility for another rally is decreasing, I think.
Diana Jackson
594
Diana Jackson  
I opened a short position and set my target 1.3550. Depending on whether it breaks out below that level I may keep the short position open.
Diana Jackson
594
Diana Jackson  
It broke out below 1.3550, I think it will continue falling to 1.3500 - 1.3480 at least. I am still keeping the short position open.
Ari Goldman
702
Ari Goldman  
The Canadian dollar posted some gains against the US dollar. I'm expecting the downtrend to continue in the next week.
Diana Jackson
594
Diana Jackson  
USD/CAD dropped to 1.3484 today. Depending on a breakout below 1.3480 I think it could continue dropping to 1.3400.
Diana Jackson
594
Diana Jackson  
USD/CAD finally rebounded from 1.3385 today. I think it will retrace to 1.3460 - 1.3470, but I don't think this is the end of the downward trend.
Diana Jackson
594
Diana Jackson  
The corrective movement to the upside reached all the way to 1.3500 before it ended. The pair started falling after a pair of bearish pin bars formed on the H4. I think it will test the last low at 1.3387.
Ari Goldman
702
Ari Goldman  
Very difficult to trade that pair lately. 
Diana Jackson
594
Diana Jackson  
Ari Goldman:
Very difficult to trade that pair lately. 
It's caught it in a tight range before the US Non-Farm payrolls on Friday. That should be the catalyst that prompts further development.