USDCAD: BEARISH Market Analysis! Watching for CONTINUATION
Hello, everybody and welcome to Cybernetics Trading Lab, today we are going to analyse the USDCAD, translating the market information by using a full technical analysis on different time frames, giving you a personal opinion about the next most likely market movement and helping you to spot and manage market opportunities.[/I]
Top Down Technical Analysis:
In higher time frame the market reached and interesting level, double topping and reversing, forming a potential head and shoulders.
The market then proceeded breaking the neckline and starting dropping down, confirming the beginning of the impulsive phase.
In lower time frame, since the half of November, the market has been consolidating creating a potential corrective structure, with a good possibility to continue its previous downtrend, targeting at least the bottom of the LTF structure.
When, where and why would we step into the market?
Considering the overall bearish momentum, we will be looking to short this market in the scenario it will breakout the structure to the downside, correcting for a further down move.
However, no trade is guaranteed and the market could proceed to the upside invalidating out trade setup, forming eventually a deeper structure or a reversal pattern.
If you enjoy this trade idea, please support our work with a thumb up and don’t forget to follow our social medias!
Sincerely,
Cybernetics Trading Lab
DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose.[/I]
Top Down Technical Analysis:
In higher time frame the market reached and interesting level, double topping and reversing, forming a potential head and shoulders.
The market then proceeded breaking the neckline and starting dropping down, confirming the beginning of the impulsive phase.
In lower time frame, since the half of November, the market has been consolidating creating a potential corrective structure, with a good possibility to continue its previous downtrend, targeting at least the bottom of the LTF structure.
When, where and why would we step into the market?
Considering the overall bearish momentum, we will be looking to short this market in the scenario it will breakout the structure to the downside, correcting for a further down move.
However, no trade is guaranteed and the market could proceed to the upside invalidating out trade setup, forming eventually a deeper structure or a reversal pattern.
If you enjoy this trade idea, please support our work with a thumb up and don’t forget to follow our social medias!
Sincerely,
Cybernetics Trading Lab
DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose.[/I]
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