Loonie
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I am updating on Tuesday evening as I wont get a chance tomorrow morning.
I am revisiting the USDCAD pair as this seems to be in free fall. I would look at this pair a little more closely this time. While analysing this I found we still have a convergence on the daily and 4 hour chart and as well as the Comms taking a long stance. We seem to have a support around 0.9620 area so watch for a break of that for continaution. However, the weekly chart has shown a reversal candle at the support area so we may possibly see a bounce. For those that use RSI for convergence/divergence, we have a convergence on the daily.
All in all, we have the odds stacked in our favour for a long over a short but be very careful as going against a trend is always risky. A conservative view would be to wait for a few more confluence of events.
All the best for the trading day.
I am revisiting the USDCAD pair as this seems to be in free fall. I would look at this pair a little more closely this time. While analysing this I found we still have a convergence on the daily and 4 hour chart and as well as the Comms taking a long stance. We seem to have a support around 0.9620 area so watch for a break of that for continaution. However, the weekly chart has shown a reversal candle at the support area so we may possibly see a bounce. For those that use RSI for convergence/divergence, we have a convergence on the daily.
All in all, we have the odds stacked in our favour for a long over a short but be very careful as going against a trend is always risky. A conservative view would be to wait for a few more confluence of events.
All the best for the trading day.
posted by Javid Shaik @ 7:11 PM
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