The Canadian dollar continues a steady strengthening against the US dollar, influenced by prospects of oil price growth, breaking the trend line rising medium-term USDCAD pair, top-down, marking the reversal of the trend on the graph D1.
The pair currently quotes USDCAD at the center of the trading range 1.2520 - 1.3570, defining the closest downstream up to the level of intersection with the line of the uptrend 1.3200. Suppression of exponential moving averages at intervals of 50 and 100 days, confirming the occurrence of the downward trend in the current range, with the immediate goal at the level of 1.2866, and an option to achieve the lower 1.2520 range.
RSI Oscillator is aimed at being a negative value of 41.87, indicates the presence of power reserve in the development of downward dynamics within the mid-level range of quotes.
Trading recommendation: Open short positions with the installation of stop levels above $ 1.3200.
Kommentare
Trader_Dale
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thanks for your great analysis! Trendline break, pullback and short! Nice setup
Good luck mate!
Good luck mate!