Usdcadbuy
USDCAD approaching resistance, look out for potential reversal!
USDCAD is approaching its resistance at 1.30785 where it is could reverse down to its support at 1.30160.
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USDCAD - BUY at BottomANALYSIS ON USDCAD
Welcome to my analysis
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1 Hour Chart
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Interesting Point of interest In the USDCAD pair.
- Price still below 200 day EMA.
- Expecting more move to the downside.
- MACD showing bullish divergence.
Buy at bottom, we should see move to around 1.31800 - 1.3200 zone.
Stay Tuned
USDCAD Market Outlook | Alchemy FX Weekly Breakdown.USDCAD
Big movement to the downside as previously expected. We are currently floating around strong support, but overall we are looking very bearish. After a big push down there will always be a short retest to the upside followed by possible strong movement to the downside to continue the overall trend. UC is a tricky one because if we do sustain at these levels we could start climbing back to the upside. That being said, as mentioned I’m favoring more downside moment.
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