usdcad short trade idea
Technical Analysis
The usdcad Pair has shown signs of bullish moment in the 4 Hour time frame , The pair is rejecting the support area and its showing signs of further longs in the daily and 4 hour timeframes. Take a look at the 4 Hour chart description below.
https://www.tradingview.com/x/jTB1lYCW/
in the weekly timeframe l see the Pair approaching the resistance level, My trading plan is to wait for the pair to reach the weekly resistance and then wait for short confirmations.
I also the high negative correlation the usdcad pair has with the gbpusd pair , This is a good indicator that usdcad can reject the minor support and approach the major weekly resistance. Bear in mind the Gbpusd is rejecting minor resistance and has a high chance of moving towards major support. Trade what you see they say. Check out the negative correlation below.
https://www.tradingview.com/x/Eu9lHrcQ/
Fundamentals
Price might continue going up to The resistance with Faster rate hikes coming up and the PCE report.
The usdcad Pair has shown signs of bullish moment in the 4 Hour time frame , The pair is rejecting the support area and its showing signs of further longs in the daily and 4 hour timeframes. Take a look at the 4 Hour chart description below.
https://www.tradingview.com/x/jTB1lYCW/
in the weekly timeframe l see the Pair approaching the resistance level, My trading plan is to wait for the pair to reach the weekly resistance and then wait for short confirmations.
I also the high negative correlation the usdcad pair has with the gbpusd pair , This is a good indicator that usdcad can reject the minor support and approach the major weekly resistance. Bear in mind the Gbpusd is rejecting minor resistance and has a high chance of moving towards major support. Trade what you see they say. Check out the negative correlation below.
https://www.tradingview.com/x/Eu9lHrcQ/
Fundamentals
Price might continue going up to The resistance with Faster rate hikes coming up and the PCE report.
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