Good Afternoon Traders, Forex Fargo checking back in! Today our analysis is on USDCAD. The overall trend for this pair seems to be in a slow Bullish incline. With that being said, there seems to be a potential for a VERY good Long Swing Position if entered correctly. My prediction is that from a 4H and Daily TF, you are able to see what looks like an...
I'm expecting either a reversal or huge retracement at this price. 1.305 precisely. UCAD is very oversold right now. 1 more push down it will hit the .382 fib from Sept 2017 for the first time. Buyers likely.
Support test. Lets see if we can get a bounce. Tight 20 pip SL.
With the rate announcement coming up, we could see a possible move to the upside with UCAD. May be a slight retrace to support at 1.2140 and then a break through resistance, to major resistance at 1.3000.
Opening : 1.3000 stoploss 1.2964 takeprofit : 1.3381 R/r ratio = 1:10.4