USDCAD Thesis
- Weekly: Last weeks candle closed as a shooting star just above 1.3022 support signalling more sell momentum is likely to come. Structure is still bearish.
- Daily: Market structure is still bearish. Yesterdays candle closed as a huge hammer signalling buy strength. Next target likely to be 1.3137 resistance.
- 4hr: Inverse head & shoulder reversal formation. Break of neckline above 1.3058 4hr level, no waiting retest of level/ 50% Fibonacci level. If level holds then could see a rally up to 1.3137 resistance.
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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.