USD/CAD: detailed analysis. When to go short? Where to aim for?
With the overall structure remaining bearish, we are looking forward to entering short positions on this pair and aiming for some nice profits.
As it can be inferred from the 4H timeframe graph, the price has experienced a dramatic drop yesterday after the evening FED speech. As we know, after an impulsive move, a correctional one should follow before the price can continue moving in the intended destination. Thus, we strongly believe that the price will pull back and re-touch the 1.35 key structure that lines up with the 0.618 Fibonacci retracement level before continuing its bearish movements. Our initial long-term target will be set at the HTF Lower Low level as identified on the graphic.
As it can be inferred from the 4H timeframe graph, the price has experienced a dramatic drop yesterday after the evening FED speech. As we know, after an impulsive move, a correctional one should follow before the price can continue moving in the intended destination. Thus, we strongly believe that the price will pull back and re-touch the 1.35 key structure that lines up with the 0.618 Fibonacci retracement level before continuing its bearish movements. Our initial long-term target will be set at the HTF Lower Low level as identified on the graphic.
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