Remains inside the short-term bearish channel since March 17th. Price has now reached the lower boundary of the medium-term upward sloping channel that started from March 2nd.
The 4 hour chart has reached oversold levels and is showing signs of bullish divergence. Price has also reached the Kumo (cloud) support and I will be expecting a bullish reversal soon. Resistance is at 1.1185. Support at 1.1160-1.1145.
Has broken the triangle pattern downwards but with oversold oscillators a back test bounce of the broken support should be expected. Bears should take their profits and wait for a bounce to sell again this pair.
Continues to trade inside the trading range it’s been in for the last 1 and a half month.
As price approaches the upper boundary with overbought conditions in the Stochastic I prefer to be neutral and look for short positions as long as we are below 115.
USDCAD has broken the long-term trend line support and is now back testing it. Stochastic and RSI are turning upwards from oversold levels and a break back above the long-term trend line support would be a bullish sign. I will not be surprised to see USDCAD move 1.38 but my first target is 1.35 over the coming days.
Is rising inside the bullish channel and is expected to make at least a pull back towards 0.7390. If it holds inside the channel we should expect a top to be made near 0.77-0.78.
Thank you for taking the time to read my thoughts….