USD/CAD: multi-timeframe outlook. What is the next move?
Looking at the DAILY-timeframe graph on the left-hand side of the screen, we may observe that the previous candle has managed to close impulsively bullish and approach the crucial area of resistance highlighted on the chart.
Zooming into the H8 graphic, it can be inferred that the price might be headed towards the 1.364 - 1.365 region before forming a Double Top and commencing its bearish impulses.
The major USD fundamentals due later today should be taken into consideration as well before planning on executing positions on this pair. All in all, we will keep monitoring the price action and news reports before opening a transaction.
Zooming into the H8 graphic, it can be inferred that the price might be headed towards the 1.364 - 1.365 region before forming a Double Top and commencing its bearish impulses.
The major USD fundamentals due later today should be taken into consideration as well before planning on executing positions on this pair. All in all, we will keep monitoring the price action and news reports before opening a transaction.
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