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forex_trader_3355764
Aug 03, 2023 at 10:36
USDCAD Resistance at 1.3386, Bounce to 1.332 Possible
On August 2, the USDCAD pair broke out of its channel and surged higher after retesting it. It is currently trading near the resistance at July’s higher highs of 1.3386, which also coincides with the 50% Fibonacci retracement level. The RSI indicator is hovering in the overbought area, signaling potential exhaustion in the trend or a possible trend reversal with a double top pattern.
Hubufx recommends closely monitoring price action and candlestick patterns around the 1.3388 resistance level. If the resistance holds, the market could bounce to 1.332, followed by 1.329.
If the USDCAD pair closes above 1.3386, it would indicate a continuation of the upward trend. In this scenario, buyers should exercise patience and wait for the market to retest this level before entering a long position. By waiting for a retest, professional traders can minimize their risk and increase the potential outcome of their trade.
On August 2, the USDCAD pair broke out of its channel and surged higher after retesting it. It is currently trading near the resistance at July’s higher highs of 1.3386, which also coincides with the 50% Fibonacci retracement level. The RSI indicator is hovering in the overbought area, signaling potential exhaustion in the trend or a possible trend reversal with a double top pattern.
Hubufx recommends closely monitoring price action and candlestick patterns around the 1.3388 resistance level. If the resistance holds, the market could bounce to 1.332, followed by 1.329.
If the USDCAD pair closes above 1.3386, it would indicate a continuation of the upward trend. In this scenario, buyers should exercise patience and wait for the market to retest this level before entering a long position. By waiting for a retest, professional traders can minimize their risk and increase the potential outcome of their trade.
forex_trader_3355764
Jul 28, 2023 at 08:47
USDCAD: Is the Bear Market Over?
The USDCAD currency pair is currently testing the resistance level of 1.3235, which is also near the 50% Fibonacci retracement level. The RSI indicator has not yet reached the overbought level of 80 in the 4-hour time frame, indicating that there is still room for the bulls to push the price higher.
The candle sticks formed near the resistance level do not show any significant selling pressure from the bears. This suggests that the upward bias is likely to continue, with the 25 SMA acting as support for the bulls.
If the bulls are successful in breaking through the resistance level, their target will be the 61.8% Fibonacci resistance level. However, traders should also watch the price action closely for doji, long-wicked candles, or bearish engulfing candles, which could signal a reversal in the trend.
In general, the trend is bearish, and the current uptick movement can be considered a correction. However, if the bulls are able to break through the resistance level, the trend could shift to bullish.
The USDCAD currency pair is currently testing the resistance level of 1.3235, which is also near the 50% Fibonacci retracement level. The RSI indicator has not yet reached the overbought level of 80 in the 4-hour time frame, indicating that there is still room for the bulls to push the price higher.
The candle sticks formed near the resistance level do not show any significant selling pressure from the bears. This suggests that the upward bias is likely to continue, with the 25 SMA acting as support for the bulls.
If the bulls are successful in breaking through the resistance level, their target will be the 61.8% Fibonacci resistance level. However, traders should also watch the price action closely for doji, long-wicked candles, or bearish engulfing candles, which could signal a reversal in the trend.
In general, the trend is bearish, and the current uptick movement can be considered a correction. However, if the bulls are able to break through the resistance level, the trend could shift to bullish.
