USDCAD Weekly Technical Outlook
On the weekly time frame, USDCAD market operation made a bullish retracement of a bearish swing from the 1.29400/1.28450 weekly supply (purple). Last week, market operation retested the 1.29400/1.28450 weekly supply zone (purple) but was pushed back, resulting in the printing of bearish pinbar at the 1.27550/1.27050 consolidation area (red). Presently, USDCAD market operation is sideways.
USDCAD price action on the daily time frame is ranging. However, the technical structure favours bears more than bulls.
USDCAD price action on the H4 time frame is in a bullish corrective mode. As the general technical environment still favours bears more than bulls, we may see a southward turnaround after a northward market engineering.
I may be wrong. Trade safe and prosper.
KP
On the weekly time frame, USDCAD market operation made a bullish retracement of a bearish swing from the 1.29400/1.28450 weekly supply (purple). Last week, market operation retested the 1.29400/1.28450 weekly supply zone (purple) but was pushed back, resulting in the printing of bearish pinbar at the 1.27550/1.27050 consolidation area (red). Presently, USDCAD market operation is sideways.
USDCAD price action on the daily time frame is ranging. However, the technical structure favours bears more than bulls.
USDCAD price action on the H4 time frame is in a bullish corrective mode. As the general technical environment still favours bears more than bulls, we may see a southward turnaround after a northward market engineering.
I may be wrong. Trade safe and prosper.
KP
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