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Usdcadsignal

USDCAD preparing for a big dropUSDCAD ( Daily) has created a head & shoulder on the daily and strong bearish price action. It is highly likely that it will have a big drop in the monthly support zone. As per price action shown on the daily, we have seen back-to-back 2 bearish engulfing has formed. Also, we have 10EMA and 20EMA cross-over on a daily time frame. We could see a potentially larger drop in the monthly support/trend line. A selling opportunity may arise later today!! If you like this analysis don't forget to drop a comment and like the idea. Thank you for your support!
Short
by ForexWizard01
USDCAD - FUNDAMENTAS WITH TECHNICAL LEVELS#USDCAD USDCAD is currently DOW. This is because the CAD is quite STRONG and the US CPI DATA is quite MIXED. Currently, MARKETS OVERALL RISK is being ON. For that reason, we see that CAD is becoming quite STRONG. They are currently working to make the USD STRONG with ECONOMIC DATA. Therefore, STOCKS can go down again according to US ECONOMIC DATA this week. But right now, USDCAD is selling quite a bit. Because USDCAD was BUY very fast in previous days. That's why now USDCAD CORRECTION is going on. Anyway, based on the price of USDCAD, we think that it will go back up to the 1.3220 level due to some market sentiment given by the FED and ECONOMIC DATA. Either way USDCAD SELL opportunity will return to 1.2720 most likely after FED MEETING again. We are waiting for the DOWNSIDE TREND LINE to BREAK.
by benny_marshall