Not sure how this will present on the site but here goes. USDCAD. First Chart is W1. Price currently touching 50% Fib retracement of ’11 low/’16 high. Also is at support of ’15 low, a level that has history that goes back as far as ’04.
Second chart, D1, price has been in a down trend for 5 months, riding the 8ma for 3 months, then the 21ma for 4 weeks. Now back to the 55ma in the last 4 weeks. The price currently @ 55ema, 61.8 fib from August high/Sept low AND the MM3 for Oct.
Third chat, H4, OK price now coming off the 21ema. Clear strong up trend. A break above 1.254 may kill the whole analysis. However as I write this the price is dropping strongly below the 21.
My plan is to look for a double bottom, tradeable although the move down is occurring as I write, then look for a con formation of a change off the DB at Oct MM2 for a move up, Chart 3.





One thought on “USDCAD Analysis”

  1. Charles Bidner says:

    This post needed editing, unfortunately not possible here. I hope the message is clear. Would value any feedback.

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