USD/CAD Daily Chart
I think a retracement to the 20-EMA might offer a good level to enter into a long trade on this pair. If the price fails to retrace to this moving average and starts to resume the uptrend, we could look to smaller timeframes like the 4-hour or hourly charts to fine-tune a long entry.
The aggressive decline in the oil price over the last two weeks has put a lot of pressure on the Canadian dollar. This has helped the USD/CAD a lot because the US dollar has been considerably weak over the last couple of days.
I think a retracement to the 20-EMA might offer a good level to enter into a long trade on this pair. If the price fails to retrace to this moving average and starts to resume the uptrend, we could look to smaller timeframes like the 4-hour or hourly charts to fine-tune a long entry.
The aggressive decline in the oil price over the last two weeks has put a lot of pressure on the Canadian dollar. This has helped the USD/CAD a lot because the US dollar has been considerably weak over the last couple of days.
Note
Note
TP1 AND TP2 WAS REACHED PERFECTLY
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.