The Dollar has been weaker for this time and thus all the dollar pairs seems to be bearish. This setup looks good for selling opportunity and aiming for 1.3370.
Note- This is my own analysis and thus not to be considered as trading signal, before making any decisions kindly do your own research, as trading is highly risky.
FX:USDCAD
As you can see that, USDCAD has created a Double bottom pattern. If it breaks the drawn neck line level then we can plan for buy side and it is for monday (07-08-2023) Plan your trade accordingly...
FX:USDCAD
As you can see that, USDCAD has created a good horizontal support zone, Head and shoulders pattern. If it gives breakout and retest the same drawn level then we can plan for sell side. Plan your trade accordingly...
USDCAD has given us a beautiful retracement to the downside and this has given a great opportunity to take a long in this pair.
This region holds strong support(Weekly and Monthly) at prices that are supposed to bounce from here to the region of 1.38900 approx.
So, we can take a long position here :)
FOLLOW US FOR MORE!!!
Okay, so what kind of situation do we have here in this pair...
Today USDCAD got support around at 1.37500 area. Now, prices might test 1.39000 levels before continuation to the downtrend ( As the region is broken).
But it's not the right time to enter short as we have to see the market reaction at 1.39000 levels. If prices get a rejection from there then we...
