USDCAD rebounds strongly from April lows

USDCAD rebounds strongly from April lows

From xm.com

video USDCAD had been trending lower after peaking at the 2023 high of 1.3860 in mid-March. However, the pair managed to halt its decline and has been gaining significant ground in the past few daily sessions, jumping above the 200-day simple moving average (SMA). The momentum indicators currently suggest that bullish forces are intensifying. Specifically, the RSI crossed above its 50-neutral mark, while the stochastic oscillator is ascending in the overbought zone. Should the rebound resume, initial resistance could be met at the 1.3552 barrier. Violating that region, the price could challenge the March support of ... (full story)

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Comment #1
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Apr 21, 2023 9:19am Apr 21, 2023 9:19am

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

"USDCAD rebounds strongly from April lows..." Yes, it has, but......

........it has rebounded back up to the area of April highs, and......

........with high volumes kicking in, which might mean.......

........MMs are closing SM buy positions, and........

........maybe even opening new SM sell positions...........HTMRW.

We traders need to mind more what the charts show and less what the "news & commentary" feeds us. Just be sure you include volume on your charts. It is the only other MOST IMPORTANT indicator to partner with price action. It is so important and revealing that "news & commentary" NEVER mentions it........HTMRW!

Comment #2
Quote
Apr 21, 2023 10:42am Apr 21, 2023 10:42am

Ferna
Joined Dec 2022 | Status: Member | 228 Comments | Online Now

Is there any proxy to volume in price?

Don't press the button before you reach the bottom. -Old chinese saying

Comment #3
Quote
Apr 22, 2023 12:34pm Apr 22, 2023 12:34pm

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

Quoting Ferna

Disliked

Is there any proxy to volume in price?

Ignored

No! Absolutely NO!

Price action and volume are the only "pure" information. Everything else is "made up". And NOTHING provides a guaranteed 100% reliable forecast of direction!

Nobody can know the complex future sequence of directions and distances the MMs will manipulate prices to cater to SM orders to open and close their large positions.........HTMRW.

So, as with solving crimes......."Follow the money!"

.......VOLUME! .........SM will "BUY LOW, SELL HIGH." ..........HTMRW!

Comment #4
Quote
Apr 23, 2023 11:43pm Apr 23, 2023 11:43pm

PeterCaleb
| Membership Revoked | Joined Nov 2020 | 112 Comments

The comment above has to be one of the dumbest and most ignorant things I've read today. Where did you learn to read price or a chart, on forex factory? Have you ever heard of these concepts - raw, production, excise, distribution, retention, tax, rebate, storage, primary index ..... ??????? If not then you might want to go and look again at the paired currencies attributed to this article. If you don't know how to read a market, then volume and chart are of no use to you. All you'll do is "follow the bleep" like a good little trained seal. THAT is your proxy to price alone. It's always funny when "know-a-lots" really know little. Go learn about the world you live in you lazy person.

Peter

Real Trading is not gambling.

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Posted: Apr 21, 2023 7:29am
Submitted by:
Newsstand

Category: Technical Analysis

Comments: 4 / Views: 1,337

USDCAD rebounds strongly from April lows

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