USDCAD MONTHLY ANALYSIS PRACTICE
SUMMARY: PRICE DISPLAYING LONG TERM INDECISION AND MAY PUSH DOWN
The usdcad chart displays an overall bullish directional bias as the three prior months have rallied to a monthly key level of 1.3400. Before the rally, price respected a major support level of 1.2265 and pushed upside with a bullish engulfing candlestick, signalling the longer term buys. However, long wicks and major ranges makes it evident that price has undergone major indecision and still remains so (the current month displays a spinning top immediately following major rejection of the 1.3400 that formed a shooting star candle. Price may push to the 1.2950 as a retracement.
The usdcad chart displays an overall bullish directional bias as the three prior months have rallied to a monthly key level of 1.3400. Before the rally, price respected a major support level of 1.2265 and pushed upside with a bullish engulfing candlestick, signalling the longer term buys. However, long wicks and major ranges makes it evident that price has undergone major indecision and still remains so (the current month displays a spinning top immediately following major rejection of the 1.3400 that formed a shooting star candle. Price may push to the 1.2950 as a retracement.
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