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USDCAD H4 | Potent Bearish Reversal Looking at the H4 chart, Price has reversed from the resistance level at 1.3706 which is overlap resistance. A reverse from this level, price could drop to the support level at 1.3663 along with a 38.2% Fibonacci retracement.
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USD/CAD 4HR CHART POSS SELL SET UPHi everyone this is my trade set up for the USD/CAD
USD/CAD possible short TRADE is going against the trend so slightly risky, wait for a confirmation candle or pattern to form look for something concrete then if it meets your criteria for a trade then execute
This is my analysis only please trade with caution and risk management in place
good luck for this weeks trading
please like and comment both are welcome
USDCAD is facing bullish pressure from upside confirmationUSDCAD is testing upside confirmation, in line with our 50% fibonacci retracement nad 100% fib extension. We could see a possible further bounce above this level to our first support. This is also in line with the Ichimoku cloud where price is on support.
USDCAD is testing upside confirmation, more upside ! USDCAD is testing upside confirmation, in line with our 23.6% fibonacci retracement. We could see a further bounce above this level to our first resistance target if price closes above it. This is also in line with the trendline where price could potentially pull back towards before a reversal.
USDCAD SELL IDEA from 1.39223Here on USDCAD we can see that price has been trending downwards since early March while also still managing to stay within a consolidation zone ranging from 1.41500 to 1.38700. Price recently started to show signs it is trying to make a lower lower and continue its trend down. Price recently broke out of a structure and found strong resistance at 1.39600 indicating that it has potential to move much lower. Another reason as to why I am selling this pair is due to the fact that the DXY has been dropping and with things in the US only getting worse it seems logical to look for sells.
Entry : 1.39223
SL: 1.39728 (50Pips)
TP: 1.37203 (200Pips)
UC bearish outlook OTW WATCHOUT FOR OPEC NEWS 4/8/20 Today the 50 MA crossed over 20 MA confirming a somewhat bearish trend.
MA 150 floating over the TOP of both 50 & 20 further confirming Bearish trend
OPEC NEWS Wed will confirm bearish trend and DXY also having trouble closing over 100.86
Will update this Wednesday after news to confirm
Shorting until 1.4000 as well
Entry: 1.40928
#recession2020 is about to officially start!