2 years agoTrade Started..
2 years ago
2 years ago
USDCAD 1Hour Signal Chart
Follow signal progress on the chart below.
US Dollar vs Canadian pair, Has plummeted lower during the Asian session early this morning. With the pair lossing nearly 13 pips, it continue’s to move in a strong BEARISH trend as it did in the past days ( view Daily chart below ).
On the other hand, USDCAD is holding well above the long term 200 days simple moving average (thats why we dont recommend any trades on the USDCAD for the coming days).
The 50 and the 20 days simple moving averages are also confirming continuation for the well established BEARISH trend. You should be however, alerted to the BEARISH Pennet Pattern which is emerging on the 1H Chart. It might break in the direction of main – Trend on Daily Chart.
CONCLUSION: [We highly recommend to avoid trading USDCAD for today Friday as we might be dealing with a choppy correction for rest of the day.] However As per above general BEARISH trend; Only trades to be considered following completion of any counter trend correction on the 60-minute chart.
▲ Buy Signal Details
|Time||Fri 2017.10.06 04:30|
|1s TP @|
|2nd TP @|
(Note: This conclusion is only valid as long as price is holding the 200 periods simple moving average (red dotted line) on the 60-minute chart,