USDCAD improves above the descending triangle

USDCAD improves above the descending triangle

From xm.com

USDCAD advanced above the descending triangle, surpassing the 1.3520 resistance level; however, the RSI indicator is moving sideways above the neutral threshold of 50 and the MACD oscillator is moving slightly higher above its trigger and zero lines, but with weak momentum. The 20- and the 50-day simple moving averages (SMAs) suggest a potential bullish crossover in the next few sessions. Should the pair manage to strengthen its positive momentum, the next resistance could come around the 1.3700 psychological mark. A break higher may challenge the 1.3800 handle ahead of the peak of 1.3975, achieved in October 2022. ... (full story)

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Comment #1
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Feb 24, 2023 5:58am Feb 24, 2023 5:58am

traderathome
Joined Mar 2008 | Status: PVSRA with Traderathome | 1595 Comments

"USDCAD improves above the descending triangle..." And now is the time to not become unwittingly bullish......

......because the MMs could be setting the stage to get liquidity (from enticed bulls) to fill SM sell orders at "el primo" prices..........HTMRW.

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Feb 24, 2023 9:55am Feb 24, 2023 9:55am

samdani786
| Commercial Member | Joined Feb 2008 | 196 Comments

10th Trade Of The Week ( Feb 20th to Feb 24th ) USD-CAD Trade For 130+ pips based on USD Index Using My ” Creative IB System ”.

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Posted: Feb 24, 2023 5:33am
Submitted by:
Newsstand

Category: Technical Analysis

Comments: 2 / Views: 964

USDCAD improves above the descending triangle

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