Evening Traders,
Today’s analysis – USDCAD- trading towards a key support region that has technical confluence
Points to consider,
- Price Action Corrective
- Weekly S/R Support
- .618 Fibonacci Support
- Swing Failure Region
USDCAD’s immediate price action is trading towards its Weekly S/R that has technical confluence with the .618 Fibonacci and market lows, allowing for a bullish bias.
The immediate objective is the POC, exceeding this level will lead to a trend continuation.
The current volume is below average, an influx is needed once testing support, this will be an indication of market strength.
Overall, in my opinion, USDCAD is a valid long with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
Thank you for following my work
And remember,
“Win or lose, everybody gets what they want out of the market. Some people seem to like to lose, so they win by losing money.” – Ed Seykota
Today’s analysis – USDCAD- trading towards a key support region that has technical confluence
Points to consider,
- Price Action Corrective
- Weekly S/R Support
- .618 Fibonacci Support
- Swing Failure Region
USDCAD’s immediate price action is trading towards its Weekly S/R that has technical confluence with the .618 Fibonacci and market lows, allowing for a bullish bias.
The immediate objective is the POC, exceeding this level will lead to a trend continuation.
The current volume is below average, an influx is needed once testing support, this will be an indication of market strength.
Overall, in my opinion, USDCAD is a valid long with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
Thank you for following my work
And remember,
“Win or lose, everybody gets what they want out of the market. Some people seem to like to lose, so they win by losing money.” – Ed Seykota