Hi All,
I'm working on a long term strategy and would like to bounce my analysis of the Weekly USDCAD off the group. Any input or suggestions would be greatly appreciated. Thanks!
Here's my forecast of the long term USDCAD -
The USDCAD has been in a overall down trend and pulled back to the fib 50.0%. After testing the 50.0% several times it failed to reverse and the downtrend continued.
It is now testing a key support level for the second time, which is also the fib 23.6%. If it break below the 23.6% it is likely to continue down and test the 1.0327 support. From there it may pull back to the 23.6% fib or continue down. Analysis at that level will be needed when the time comes.
Trade -
Short the USDCAD when price breaks below the 23.6% fib.
Short = 1.0700
Stop = 1.0880
Target 1 = 1.0327
Traget 2 = 0.9977
Target 3 = 0.9747
I'm working on a long term strategy and would like to bounce my analysis of the Weekly USDCAD off the group. Any input or suggestions would be greatly appreciated. Thanks!
Here's my forecast of the long term USDCAD -
The USDCAD has been in a overall down trend and pulled back to the fib 50.0%. After testing the 50.0% several times it failed to reverse and the downtrend continued.
It is now testing a key support level for the second time, which is also the fib 23.6%. If it break below the 23.6% it is likely to continue down and test the 1.0327 support. From there it may pull back to the 23.6% fib or continue down. Analysis at that level will be needed when the time comes.
Trade -
Short the USDCAD when price breaks below the 23.6% fib.
Short = 1.0700
Stop = 1.0880
Target 1 = 1.0327
Traget 2 = 0.9977
Target 3 = 0.9747