As we analyze the Weekly, Daily and 4 Hours chart, we can conclude that the pair is in a very indecisive mood. The Weekly candle last week has formed a doji indecision candle, the Daily and 4 Hours chart represent a very narrow range trading which can be very difficult to trade. Even though we may have still to do with these narrow range movements, we will anticipate a test of the Monthly PP at 1.2910 and then we will check the price action for a possible rejection of this area in order to go long for a test of Monthly R1 at 1.3092.
Order cancelled
Price nearly reached the area around Monthly PP and then jumped off this zone and made a very strong 150+ pips move on the upside. Right now this move seems that it has lost it's initial steam and now we can see a shooting star candle being formed on the 4 hours chart. If this candle is to take into consideration, next we may see a bearish move to test again the Monthly PP where the price was in the beginning of the trading week. We did not plan any trade/position for the USDCAD pair as we did not have a clear view on the direction of the market.Order cancelled
The pair still lacks the direction of move, the same as the last few weeks. Monthly PP was tested during this week and it served as good support which may be used for the next week as an important structure where we can plan any possible trading position for this pair.
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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.