USDCAD Analysis of the Daily TF (Technicals + Fundamentals)
On the Daily Time Frame of USDCAD we have managed to identify a bearish engulfing candle close which leaves the last Friday trading session with a push towards the downside depicting that our area of sensitivity was broken on the 4hr/TF Chart, additionally allowing us to identify our mark of Horizontal sell pressure across the Daily.
Assuming that we reach our appointed mark of @1.32021, we can expect some exhaustion to be present towards the upside, which would allow us with clear price action confirmation if the level isn't broken.
If the resistance level @1.32021 signals to us excess downward pressure and is broken we will look to move our STOP LOSS from @1.34645 to Break Even, allowing us to secure a second short position.
This short position will only, however, become invalid if price does not hit our resistance level after exhaustion as price will begin to push itself upwards.
Fundamentals:
Impact of Coronavirus on the currency market will remain high and will remain at the forefront of Global currencies.
There is large emphasis placed on recent Coronavirus cases in the USA, also further impacting most of the major stock exchanges.
It is extremely likely that the CAD will continue to grow against USD following the projection of an expansive amount of cases.
The USD also lost a number of positions against other major world currencies.
The currency market also further responded to Fed Chairman J. Powell's speech on Tuesday weakening the dollar.
Assuming that we reach our appointed mark of @1.32021, we can expect some exhaustion to be present towards the upside, which would allow us with clear price action confirmation if the level isn't broken.
If the resistance level @1.32021 signals to us excess downward pressure and is broken we will look to move our STOP LOSS from @1.34645 to Break Even, allowing us to secure a second short position.
This short position will only, however, become invalid if price does not hit our resistance level after exhaustion as price will begin to push itself upwards.
Fundamentals:
Impact of Coronavirus on the currency market will remain high and will remain at the forefront of Global currencies.
There is large emphasis placed on recent Coronavirus cases in the USA, also further impacting most of the major stock exchanges.
It is extremely likely that the CAD will continue to grow against USD following the projection of an expansive amount of cases.
The USD also lost a number of positions against other major world currencies.
The currency market also further responded to Fed Chairman J. Powell's speech on Tuesday weakening the dollar.
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