USDCAD- 14Feb2022
USDCAD is price direction is still quite mixed. It is bearish on the monthly time frame but bullish on the weekly and daily time frame. We will need to trade cautiously with this pair.
On the H4, price once again faced strong demand from the 1.26650 area and bounced higher. There was a slight disconnect with both oil price and USDCAD bouncing higher last Friday. For now, it could just be range bounce in between 1.26650-1.27675. For further upside to take place, USDCAD has to close above the descending trendline and 1st Resistance at 1.27675. For the downside case, price have to make a clear break below the 1.26650 before it could go lower.
This is for personal record purposes only, not financial advise or solicitation of trade.
USDCAD is price direction is still quite mixed. It is bearish on the monthly time frame but bullish on the weekly and daily time frame. We will need to trade cautiously with this pair.
On the H4, price once again faced strong demand from the 1.26650 area and bounced higher. There was a slight disconnect with both oil price and USDCAD bouncing higher last Friday. For now, it could just be range bounce in between 1.26650-1.27675. For further upside to take place, USDCAD has to close above the descending trendline and 1st Resistance at 1.27675. For the downside case, price have to make a clear break below the 1.26650 before it could go lower.
This is for personal record purposes only, not financial advise or solicitation of trade.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.