WEEKLY FOREX ANALYSIS
USDCAD
23 December to 27 December
Timeframe Week Analysis
The Canadian Dollar was held to a tight range in 2019 versus the US Dollar, amid a flurry of conflicting fundamental and technical themes. While little progress was made compared to the first few days of the year, USDCAD was able to establish a series of lower highs over the months, which align with the pair’s longer-term downtrend dating back to 2016. Now, USD/CAD is in position to probe an ascending trendline from September 2017 in a move that could see the pair extend its longer-term losses into the new year if bears are successful.
In a weekly timeframe, we can see USDCAD is starting to form an inverted Head & Shoulders. While it is still too early to tell at this moment, I noticed that there is a very strong resistance and supply area between the prices of 1.30941 to 1.30451
Timeframe H4 Analysis
In a H4 timeframe, USDCAD has testing 1.30941 to 1.30451 and has been unable to break the 1.31785. You do want a confirmation that USDCAD in H4 is able to close a candle about 1.31785 before attempting a Buy Trade
Timeframe H1 Analysis
We can see that a double bottom has been formed and there is a likelihood that the prices are gonna break 1.31785 and hold. This is the week of seasons, so there might be a chance that we will only see it next week.
USDCAD
23 December to 27 December
Timeframe Week Analysis
The Canadian Dollar was held to a tight range in 2019 versus the US Dollar, amid a flurry of conflicting fundamental and technical themes. While little progress was made compared to the first few days of the year, USDCAD was able to establish a series of lower highs over the months, which align with the pair’s longer-term downtrend dating back to 2016. Now, USD/CAD is in position to probe an ascending trendline from September 2017 in a move that could see the pair extend its longer-term losses into the new year if bears are successful.
In a weekly timeframe, we can see USDCAD is starting to form an inverted Head & Shoulders. While it is still too early to tell at this moment, I noticed that there is a very strong resistance and supply area between the prices of 1.30941 to 1.30451
Timeframe H4 Analysis
In a H4 timeframe, USDCAD has testing 1.30941 to 1.30451 and has been unable to break the 1.31785. You do want a confirmation that USDCAD in H4 is able to close a candle about 1.31785 before attempting a Buy Trade
Timeframe H1 Analysis
We can see that a double bottom has been formed and there is a likelihood that the prices are gonna break 1.31785 and hold. This is the week of seasons, so there might be a chance that we will only see it next week.
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.
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.