Analysis of #USDCAD
Hi traders, today we will have a look at #USDCAD
the USDCAD trend has shifted to the downside, if you remember I posted head and shoulders last time on USDCAD, and indeed it moved as I predicted it to move, now I still see a further move to the downside, and I have confirmation that the trend now is to the downside.
now, the question is where to sell?
the first place to look for a sell entry would be of course previous support now became resistance, which is the previous low if we have valid confirmation we can then move to enter a sell trade.
the second level to sell would be the previous lower high, as you can see we had a very good bearish reaction at that level and traders sold the market, so if the market comes and pull back to test its resistance zone I will also be looking for sell entry.
I hope you guys found this helpful, if you are new here click on follow, to get these ideas delivered straight to your email inbox, I will see you guys at the next one
Thanks for your continued support!
Hi traders, today we will have a look at #USDCAD
the USDCAD trend has shifted to the downside, if you remember I posted head and shoulders last time on USDCAD, and indeed it moved as I predicted it to move, now I still see a further move to the downside, and I have confirmation that the trend now is to the downside.
now, the question is where to sell?
the first place to look for a sell entry would be of course previous support now became resistance, which is the previous low if we have valid confirmation we can then move to enter a sell trade.
the second level to sell would be the previous lower high, as you can see we had a very good bearish reaction at that level and traders sold the market, so if the market comes and pull back to test its resistance zone I will also be looking for sell entry.
I hope you guys found this helpful, if you are new here click on follow, to get these ideas delivered straight to your email inbox, I will see you guys at the next one
Thanks for your continued support!
