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Weeklyanalysis

USDCAD Failed to Sustain UptrendUSDCAD has been steadily falling this week after retesting previous breakout point at 1.3333, largely due to Dollar weakness. With the BoC announcing a reduction in bond purchases, we could expect the CAD to continue appreciating. This week, price is currently hovering at a strong demand zone, which coincides with the previous low of downtrend. Await a pullback to a resistant point, and we could continue selling USDCAD should there be clear signs of resistance.
Short
by AlgoVenture
May Get Ready To Go Bullish This WeekThis looks to be in the process of completing a bullish harmonic before its major uptick. Not all the wy sure just yet. I'm trading along until it gets to the monthly 136.218 zone to determine its full direction, or to the daily 133.414 zone to see will the bearish move begins to pivot. So this week is just getting in front of the move until the true trend reveals itself fully. BULL TPS: • 135.464 • 136.093 • 137.239 BEAR TPS: • 134.460 • 133.414 • 131.941
by NikaJourney
1
Waiting for Retest of Bullish Engulfing To CompleteWe're going to be trading off the results of the bullish uptick and the partial retracement from last week. It is actually a bullish engulfing on the daily timeframe. If we go back down, he may bounce from the daily zone of 1.71798, then head to the weekly level at 1.70366. Otherwise, we'll continue to go bullish once the retracement is complete as soon as we pass the daily level. BULL TPS: • 1.71684 • 1.72830 • 1.73672 BEAR TPS: • 1.70968 • 1.70498 • 1.69885 only if the retest of the engulfing candle on the higher timeframe fails and we pass through the weekly level.
by NikaJourney