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Usdcadshort

2023/04/04 21:00 USD/CAD analysisPivot point: 1.3461 Currently: Resisted at 1.3635 and retraced back to 1.3586 Reaction: Consolidating at this 1.3336 level, its next support zone is 1.3260 I just started sharing my daily technical analysis of Metals & Forex Market with my indicators on TradingView~ Wish to receive some feedbacks from you! 😊 Btw you can feel free to use our designed indicators!!! Just lemme know if you want it! Follow & like our posts to support us😎! Can’t wait to chat with you more~
Short
by idealcase
USDCADThe monthly timeframe indicative of the long-term trend shows a resilient and bullish US Dollar versus the Canadian Dollar. The target is the 1.54 price handle. This price handle is the supply that triggered the bearish momentum that created the low at 1-0.99 price handles. This bullish correction is caught in a consolidation between the demand and supply at 1.2 and 1.37 respectively. An impulsive move is signalling in the horizon. On the weekly timeframe, we are cognizant of the unmitigated demand at 1.21 that could be a long-term profit target should the market create new long-term lows. On the Daily timeframe, we have a minor consolidation structure with a bearish imprint. Once we have a confirmed break in structure and change of character (CHOCH), we anticipate a return to supply where we have a combination of liquidity and fresh unmitigated supply zones; 1.37 price handle. At this level we anticipate our sell orders to be triggered targeting the key daily structure below at the 1.30 price handle. Once price settles at this region; a. The price could rebound upwards. b. The price could slide further towards the unmitigated demand at 1.2 price handle. We will update our outlook as the market gives us new information. Our analysis is based on smart money concepts; supply and demand. We recommend this set up for swing and position traders.
Short
by morrisgitau
USDCAD M30: Bearish outlook seen, further downside below 1.3600On the M30 timeframe, prices are ranging between a key resistance zone at 1.3600 and a key support zone at 1.3550. A pullback to the resistance zone at 1.3600, in line with the 23.6% Fibonacci retracement, could present an opportunity to ride the drop to the support zone at 1.3550, which coincides with the 50% Fibonacci extension and graphical low. Stochastic RSI is in the overbought region above 80, while price is holding below the 50 EMA and Ichimoku cloud, supporting our bearish bias.
Short
by T3-Consultancy