Technical Insights
- USDCAD has now impulsively broken the daily corrective structure indicating further downside pending a clear continuation pattern confirming the structural break.
- On the lower timeframes we anticipate a pullback albeit minor given the larger correction prior.
- Price action appears similar to the May 17 bearish impulsive leg down and will be using this as a tool to monitor similarities in the move. Currently, the initial waves are almost identical in shape and timing.
Fundamental/Macro Insights
- Structurally weaker USD, recent Fed commentary surrounding GDP and rate hike revisions
- CAD reaping benefit of anticipated monetary policy easing and further rate hikes in 2019
- Rebound and forecasts for WTI/Brent Oil fuelling bullish CAD bias
Targets
- Target profit zones include the base of the larger ascending channel structure and the subsequent low of the HTF correction.
Bias
- Bearish structurally to target profit zones
- USDCAD has now impulsively broken the daily corrective structure indicating further downside pending a clear continuation pattern confirming the structural break.
- On the lower timeframes we anticipate a pullback albeit minor given the larger correction prior.
- Price action appears similar to the May 17 bearish impulsive leg down and will be using this as a tool to monitor similarities in the move. Currently, the initial waves are almost identical in shape and timing.
Fundamental/Macro Insights
- Structurally weaker USD, recent Fed commentary surrounding GDP and rate hike revisions
- CAD reaping benefit of anticipated monetary policy easing and further rate hikes in 2019
- Rebound and forecasts for WTI/Brent Oil fuelling bullish CAD bias
Targets
- Target profit zones include the base of the larger ascending channel structure and the subsequent low of the HTF correction.
Bias
- Bearish structurally to target profit zones
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.