It has been a while since my last post about trading, but i was anxious to get the chance to make my own analysis and share with the community. And here i am sharing with my point of view in this ocation about the USD/CAD.
Well yes, this would probably seems like a mess, but let's focus on this:
A) Green horizontal line are daily supports.
B) Pink horizontal line are Weekly Resistance.
C) Red vertical Line, reference
D) the chart time frame is weekly
The first thing we can see is the price did reject the price of 1.47117 Which was also a key level as we can see with the fibonacci study, drawn with the last ATH in 2002, and the last minimum on 2007.But also we can see that the price it's actually fighting between the resistance price of 1.3472 and the support of 1.32042. This is interesting and we can expect that if the prices does not have the chance to stay above the next resistance, the price will fall minimum to the next support level; But let's take a closer view.
In Daily time frame, the price seems to respect a "Bull trend" formation, the price has rejected the prices with the intention of extent the earnings; but still yet the price looks like it didn't want to go further. In the next hours the price could try to reach the prices between 1.34862 and 1.35348 and experience a rejection of the area.
In a closer look the price really looks like have eyes on the target of 1.3424 but still needs to break the resistance of 1.3372; The price must break this resistance hardly in order to look for a better price for selling.
In the long term im bearish on the USDCAD, so i will try to find Short entrance. This is my point of view but please give me your opinion i will happy to read you; Thank you for step by and God bless you.
