USDCAD- 21Mar2022
On the weekly, USDCAD seemed to have failed the bullish consolidation for the last 6 weeks and is now dropping lower. On the daily, price is at strong support with 200MA + ascending trendline support around 1.25870.
On the H4, price is at confluence Fib support around 1.25915. It is oversold and due for a short term bounce. With H4 Stochastic and daily at support, we could expect USDCAD to have a short-term bounce to at least 1st Resistance at 1.26770. If price were to rebound back to 2nd Resistance at 1.27300, it is expected to face huge bearish pressure.
This is for personal record purposes only, not financial advise or solicitation of trade.
On the weekly, USDCAD seemed to have failed the bullish consolidation for the last 6 weeks and is now dropping lower. On the daily, price is at strong support with 200MA + ascending trendline support around 1.25870.
On the H4, price is at confluence Fib support around 1.25915. It is oversold and due for a short term bounce. With H4 Stochastic and daily at support, we could expect USDCAD to have a short-term bounce to at least 1st Resistance at 1.26770. If price were to rebound back to 2nd Resistance at 1.27300, it is expected to face huge bearish pressure.
This is for personal record purposes only, not financial advise or solicitation of trade.
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