USD/CAD Bullish trend would continue?
Aktualisiert
Bias: Bullish trend will continue, however it matters where we can see the entry point for a long position.
1. As mentioned in previous chart updates, we have been in a bullish trend, HH and LL. More than that, I am not surprised that the price action is really well respecting the EMA 200 days, except for many bad or good news of oil price. ( A myth is that Oil price increase >>> make a stronger CAD)
2. In this analysis, I want to highlight the fact that, Oil price is almost in a ''strong'' resistance areas, 39-41$ and CAD is heavily impacted by US Stock and Debt nominated in USD. Thus, I doubt for a bearish or reversal trend in next week or even in July.
3. Entry point, waiting for a pull back in 1h or 4h chart, the more price action is closed to its EMA 200, the more likely there would be a pullback to continue its bullish trend >>> USD is stronger than CAD ( As we experienced the same thing in March, when US Indexes went down, USD/CAD appreciated greatly).
Target and entry point is hopefully possible in the illustration box. 1:2.3 _ Risk:Reward.
TP: Around 1.3826 _ 1.4066.
SL: 1.3506 _ 1.3426.
Risk management is the key, USD/CAD is expected to highly volatile like US Indexes at the point of opening market.
1. As mentioned in previous chart updates, we have been in a bullish trend, HH and LL. More than that, I am not surprised that the price action is really well respecting the EMA 200 days, except for many bad or good news of oil price. ( A myth is that Oil price increase >>> make a stronger CAD)
2. In this analysis, I want to highlight the fact that, Oil price is almost in a ''strong'' resistance areas, 39-41$ and CAD is heavily impacted by US Stock and Debt nominated in USD. Thus, I doubt for a bearish or reversal trend in next week or even in July.
3. Entry point, waiting for a pull back in 1h or 4h chart, the more price action is closed to its EMA 200, the more likely there would be a pullback to continue its bullish trend >>> USD is stronger than CAD ( As we experienced the same thing in March, when US Indexes went down, USD/CAD appreciated greatly).
Target and entry point is hopefully possible in the illustration box. 1:2.3 _ Risk:Reward.
TP: Around 1.3826 _ 1.4066.
SL: 1.3506 _ 1.3426.
Risk management is the key, USD/CAD is expected to highly volatile like US Indexes at the point of opening market.
Order storniert
This trend idea is not valid due to the drop of DXY, meanwhile CAD is still weak in regard of a recovery of Oil price. Risk Management is the key and EMA 200 has became the super resistance, until now 12 August 2020, there is no pullback to the upward side. Price continues to back test the EMA 200 several times, but they all failed to break it. So there were no good entry point above EMA 200, as I expected above.
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