USDCAD is facing bearish pressure | 16 Mar 2021
Prices are facing bearish pressure from our resistance, in line with our 23.6% fibonacci retracement where we could see a further drop below this level to our support target. Ichimoku cloud is showing signs of bearish pressure as well, in line with our bearish bias.
Uscad
USD/CAD -12/3/2021-• Pair approaching YTD lows near 1.24680
• The latter should act as medium term support and prevent further losses
• Strong Canadian jobs data signal a stronger recovery compared to the U.S
• Rising oil prices adds to the downside pressure
• Breaking 1.24680 exposes 2017 lows near 1.22470
USD/CAD -17/2/2021-• First descending short term trend line was broken
• Second descending long term trend line is the next target (near 1.2780)
• Before that lies the 50-day moving average near 1.2750
• USD picking up pace after strong retail sales data
• Long positions should be short lived since the CAD is supported by rising oil prices
USDCAD / Technical Analysis (Monthly Basis)The pair is currently stuck between the Fibonacci channels and the two major trends.
If the falling trend with the 0.382 Fibonacci channel is not broken, we can see 1.41 levels again. However, if these prices break these trends, the target will be around 1.20.
It contains only personal views and opinions. Does not contain legal investment advice ...
USDCAD FREE SIGNAL
USDCAD BUY
TP 1.35264
TP 1.36207
TP 1.36998
SL 1.94076 (79 Pips) We can see market is setting itself for an uptrend, we also see the engulfing bullish candle which adds extra confluence to our trade. SL is placed below a key level of support in case of a reversal. Always use proper risk💯💯