Hello comunitty,
Here is my view on USDCAD for the last week, and forecast from now on!
Technical:
- After testing more then once our support lines (both white lines), they broke for down. Creating a new support level, around 1.3138 (yellow line). The ideal was to open a short position on the 50% Fibo, where the big blue arrow is set. But this already passed, so now i think we will test again the 50% Fibo on the second down (purple box). If it passes this area, i believe it will test again our previous start point, aroun 1.319, although i do beleive it will test again but on the below one, and if it passes it will go straight to the bottom, around 1.302 white support line.
Fundamental:
- Yesterday we had stong data on CAD and once again weak data on USD. Today we will have more data on USD, and this pair will trade upon this data is weak or stong, although in my opinion once again the forecast data will not be reached.
Lets whait and see.
Keep it simple!
Here is my view on USDCAD for the last week, and forecast from now on!
Technical:
- After testing more then once our support lines (both white lines), they broke for down. Creating a new support level, around 1.3138 (yellow line). The ideal was to open a short position on the 50% Fibo, where the big blue arrow is set. But this already passed, so now i think we will test again the 50% Fibo on the second down (purple box). If it passes this area, i believe it will test again our previous start point, aroun 1.319, although i do beleive it will test again but on the below one, and if it passes it will go straight to the bottom, around 1.302 white support line.
Fundamental:
- Yesterday we had stong data on CAD and once again weak data on USD. Today we will have more data on USD, and this pair will trade upon this data is weak or stong, although in my opinion once again the forecast data will not be reached.
Lets whait and see.
Keep it simple!