We saw price opening at 1.34304 at the first day of trading. It was a pretty slow start as the pair was caught in a range between 1.3458 and 1.3402. The bears finally won the battle today, dropping the price to 1.3297. However, I’m still a bull on dollar as we expect the feds to raise rates three times this year despite of it loosing grip recently.

Zones

Pink: resistance
Support: Green
Fibzone:Yellow

USDCAD Daily

The upward move was triggered on 14th December, when feds decided to increase rates and "promised' three more this year. Price went up and found resistance at 1.3599, on the 28th, the last week of trading when profit taking was expected. My first support level was between 1.3432 & 1.3384, which price broke today on the second day of trading. I'm expecting price to bounce at the fib zone before continuing in an uptrend, as it's fueled by Trump and the Feds promises. The OPEC deal can also have an impact as the production cuts could result in CAD strength. But I'm seeing history repeat itself, expecting OPEC members to not stick to the deal

USDCAD H4

Price found support at WS2 today, which is a bears target for the week. With Price being in the Fib zone, I'll be looking for a reversal pattern on the lower timeframes for an entry

USDCAD H1

Price was caught in a range on the first day of trading. It broke the range on the second day during London, and momentum went into New York session as well, breaking both DS2 & 3 effortlessly. With Price at WS2 on H4 and NFP only two days away, I don't see price breaking this level.

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