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USDCAD Technical Analysis on the Daily Time Frame on 19th April 2018

USDCAD TECHNICAL ANALYSIS

USDCAD on the daily time frame and still within a channel tilted to the upside.

Down trend still intact but we saw some retracement in the pair yesterday and on NY close we saw a bullish candle having been formed.

Price fell below the 61.8 Fib level before finding buyers and profit takers. Price currently held back by a support turned resistance level.

I would allow this pair to float further up before shorting this pair to follow the trend down towards the bottom of the channel.

On the upside, price needs to break above dynamic resistance before meeting the 50 Fib level.

Observe mode on for this pair.

MACD histogram is below the zero line and its histogram is getting shorter. It has yet to break above the zero line but the momentum is to the upside at the moment.

CONCLUSION

We are NEUTRAL on USDCAD at the moment and would prefer to take short positions on pullback to dynamic resistance.

We hope that you have benefited from this analysis.

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Have a great trading day ahead!

Ardy Ismail

Lead Currency Strategist / Team Forexachievers

By |2018-04-19T13:58:42+00:00April 19th, 2018|Categories: CAD Crosses, Daily Technical Strategy, US Dollar Index|Tags: |0 Comments

About the Author:

Ardy is a Professional Forex Trader specializing in the Forex market. He trades using both Technical and Fundamental Analysis and mentors other traders how to trade the Forex market using proprietary trading strategies which he has developed over the years. He started investing in equities in 1999 and trading Forex in 2008. He is the founder and lead currency strategist @ Forexachievers.com

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