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.
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.
If you would like to receive our trading signals complete with entry point, take profit and stop loss levels, head over to our subscription page: Click here.
To join our Free Telegram Channel where we provide you analysis, the latest news releases and more. You just need to download the Telegram app on your smartphone and click on this link to join: t.me/forexachievers
Have a great trading day ahead!
Lead Currency Strategist / Team Forexachievers
Download the Secrets of a Forex Ninja ebook worth $27!
Uncover little known information about the Participants of the Forex market and how you can trade against them.