Later this month, the BoC are expected to raise their interest rate from 1% to 1.25%- should this go ahead we should see a rise in demand for the Canadian Dollar.
Looking at the chart- price has broke strong weekly resistance, which has now turned to support. The Cypher pattern completes on the support level, where I believe price should rally if it hits this level. As always, I will be looking closely at the candlesticks for a valid entry- and keeping the risk:reward at a minimum 1:2.
RSI is also approaching the oversold level.
I am still holding my short position on th NZDCAD as i believe the cad will gain further strength.
Cypher ratios
X:B = 0.382-0.618
A:C = 1.272-1.414
X:D = 0.786
Looking at the chart- price has broke strong weekly resistance, which has now turned to support. The Cypher pattern completes on the support level, where I believe price should rally if it hits this level. As always, I will be looking closely at the candlesticks for a valid entry- and keeping the risk:reward at a minimum 1:2.
RSI is also approaching the oversold level.
I am still holding my short position on th NZDCAD as i believe the cad will gain further strength.
Cypher ratios
X:B = 0.382-0.618
A:C = 1.272-1.414
X:D = 0.786
Nota
The support at which this pattern completes can be seen as strong weekly resistance which is now turning to support.Dagangan aktif
I am now in this trade, having entered with the formation of the hammer candle! (highlighted)Nota
Top-loss and TP-levels have not been adjusted. Although the entry point has altered, these stay the same!Dagangan ditutup: hentian tercapai
Stop loss reached, with only 0.52% drawdown due to the adjustment of the the entry position once price passed the ideal reversal level.
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Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.