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he bearish still probably play here. On my see - as long as the buyer can not up again more that strong resistance 1.0056 = yes, search again for sell is better. And I see - this bearish more nice look if then price also can move bellow that 23.6 fib (1.0013). Just it
sd/cad technical analysis by using : average directional movement index
adx : 40.8819
+di : 7.6509
-di : 19.0623
timeframe : 1 hour
time : 0400
The pair now is moving up after facing the strong support level @ 0.9806 (0.0%) , i think the pair will continue moving up till reaching the resistance level @ 0.9881 (23.6%) then it will correct its direction by moving down again , so i suggest to sell now on the short term or wait till reaching the resistance level then sell the pair
Now after breaking the short term downtrend as shown in the chart , the pair had a bullish trending up and i think it will continue in moving up with two target points @ 1.0037 (38.2%) , then @ the long term downtrend which we can ensure the pair to reverse its direction and go down when facing it.
It is an interesting candle body on the daily. This would indicate that a bottom has been reached. I would suspect that this is fake though and the USDCAD will continue to drop even more and hit new lows
I think that from the shown H4 chart , the price have broken the shown bearish trend and also broken the resistance level @23.6% fibonacci are an indicators that the price will take some bullish direction in the next hours and so we will have a chance to start buying ,
It is an interesting candle body on the daily. This would indicate that a bottom has been reached. I would suspect that this is fake though and the USDCAD will continue to drop even more and hit new lows.
USDCAD has formed a double top chart pattern around the 0.9745 resistance level. Although the pattern in not too perfect, USDCAD may goes down to the support level at 0.9685. But if USDCAD can break 0.9765 high level, this pair may rise to the resistance level at 0.9805
I think that from the shown H4 chart , the price have broken the shown bearish trend and also broken the resistance level @23.6% fibonacci are an indicators that the price will take some bullish direction in the next hours and so we will have a chance to start buying
Price above 12 EMA and 72 EMA trend is still up
50 RSI above 50 indicates the momentum of the trend is still up
Recommendation: buy
Range:0.9801-0.9695
traders should go long positions above 0.987 with targets at 1.0015 and 1.007 in extension.
but if the price move under 0.987 look for further downside with 0.9775 and 0.9675 as targets.
chart in adjusting the interval since July 5th in the rhythm section to run. From the map hour trend, USD / CAD in support of average system to maintain an objective trend, USD / CAD after the rapid rise in the short-term, the current high of 1.0435 times around the building, signs, days on USD / CAD short-term callback efforts,
now looks like it wants to continue the march north, and as long as the global outlook remains weak, this could threaten the CAD and oil as well. (A bit of a double whammy) The pair is still going counter trend, but the pair will move rapidly when shocks to the economy
The trading range for today is expected among the key support at 0.9900 and resistance at 1.0150.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0070.
Recommendation : Based on the charts and explanations above, we recommend staying aside awaiting further confirmations
Time Frame - 4 Hour
Currency pair - USD/CAD
Buy @ - 1.2973
Stop Loss - 1.2957
Take Profit - 1.2987
Risk reward ratio - 1 : 3
The pair may go bullish and possible retracement uptrend. Buy dips sell high.