USDCAD FOREX PAIR 1H TIME FRAME DATE 7/23/2024
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Based on the current market conditions, it is prudent to refrain from buying the US Dollar against the Canadian Dollar at this time. Today's economic events have exerted downward pressure on the Dollar from a fundamental standpoint. Moreover, a technical analysis reveals a harmonic pattern indicating distribution, highlighting a prevailing lack of upward momentum.
In light of these factors, I am inclined to adopt a bearish stance on this currency pair for the short term. Specifically, I am considering swing trading opportunities aiming for downside movements intra-week. I anticipate potential resistance near the value area low or at the point of control derived from Wave 5 of the previous cycle.
As we proceed through the week, I will monitor intra-day developments closely to identify optimal entry points. Patience and strategic timing will be key in capitalizing on potential opportunities.
Wishing you all a productive journey ahead. Remember, the construction of success requires steadfast commitment and astute decision-making.
Based on the current market conditions, it is prudent to refrain from buying the US Dollar against the Canadian Dollar at this time. Today's economic events have exerted downward pressure on the Dollar from a fundamental standpoint. Moreover, a technical analysis reveals a harmonic pattern indicating distribution, highlighting a prevailing lack of upward momentum.
In light of these factors, I am inclined to adopt a bearish stance on this currency pair for the short term. Specifically, I am considering swing trading opportunities aiming for downside movements intra-week. I anticipate potential resistance near the value area low or at the point of control derived from Wave 5 of the previous cycle.
As we proceed through the week, I will monitor intra-day developments closely to identify optimal entry points. Patience and strategic timing will be key in capitalizing on potential opportunities.
Wishing you all a productive journey ahead. Remember, the construction of success requires steadfast commitment and astute decision-making.
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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.