Bearish Deep Crab and Broken Trendline
Updated
USDCAD has broken its H4 rising trendline following completion of a bearish deep crab pattern and could reach 38.2% retracement of 1Oct low to 14Nov High around 1.3080.
Moreover, WTI has found support at 54.87, near 200-week EMA and 61.8% retracement of Jun2017 low to Oct2018 high.
On a longer-term view, I think the pair can even go to 1.2700 in a few months given the hawkish BoC and USMCA potentially positive outcome.
Moreover, WTI has found support at 54.87, near 200-week EMA and 61.8% retracement of Jun2017 low to Oct2018 high.
On a longer-term view, I think the pair can even go to 1.2700 in a few months given the hawkish BoC and USMCA potentially positive outcome.
Trade active
Trade closed: stop reached
The pair reached 1.33 on USD strength and lower low on USOIL yesterday.I still hold bearish prediction though for the pair targeting 1.3000.
Trade active
reenter short below 1.3250Trade closed manually
closed short at 1.3189. USOIL might go lower.Look for another short around 1.3250 or if there is a clear break of uptrend channel.
Trade active
The plan remains the same. USDCAD must first break the uptrend channel and 23.6% fibo around 1.3220.
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