USDCAD Intra Week Outlook 22/04/20
Fundamentals : Recent news have shown us that OIL has dropped to 0 dollars. USDCAD & Oil has a negative correlation. Meaning if Oil goes down, USDCAD goes up. Therefore, my bias is a buy fundamental wise.
Technicals : Recent market structure has confirmed to be bullish due to a breakout and retest of the descending trendline. Drawing the Fibonacci retracement from the first to second leg of the bullish move is shown confirmation by hitting the TP level. As the first market cycle ends, will be looking for USDCAD to hit TP 2 level.
Trader's Arena Fx
Technicals : Recent market structure has confirmed to be bullish due to a breakout and retest of the descending trendline. Drawing the Fibonacci retracement from the first to second leg of the bullish move is shown confirmation by hitting the TP level. As the first market cycle ends, will be looking for USDCAD to hit TP 2 level.
Trader's Arena Fx
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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.