USD/CAD, weekly trend line stoped the fall!

mario urlic forex usd-cad 09.03.

Last time I analysed USD/CAD on January 09. and 13. I have pointed on this weekly channel. If we excluse the strong bullish momentum and obvious ‘SL hunting move’ before 8 weeks, the weekly channel and move true looks perfect. We can see that, the lower line stoped the fall at 1.3260, after 7 red weeks in a row and I have pointed on that level as an third and the strongest weekly support on the way down in my previous analysis from January 19. I didn’t analyse the pair in this bearish period because, as you probably know, the oil movement is the main indicator for this pair and there was so many fundamental developments around the oil, that I tought it will be the rough period for the same and that’s why for the USD/CAD as well. Anyway, here we are on strong support now at 1.3200/50, take a look on this levels and if you trade this pair, I’m not. Strong resistance is waiting now at 1.3700/50, but the sellers are placed at first near 1.3500.

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3 comments

  • You wrote wrong number on the support line. It is 1.3200/50 as you wrote in the article and the line is set up at that level too, not 1.3300/50.

    Liked by 1 person

    • You’re right. The support line is placed at 1.3200. I wrote a wrong number on the line and correct in the atrticle. 🙂 Thanks. >> Corrected.

      Like

  • Na danasnjim vjestima o odluci kamatnih stopa BOC cijena USD-CAD uz bay limit nalog se otvara na 132.60 ,ode jos 30 pipova dole i ostat cu u trejdu iz par razloga : – mislim da nafta trenutno nece jos vise rasti dok ne bude mala korekcija -sutra ako USD bude jacao jacat ce i prema CAD – i usao sam sa manjim nalogom 0.15 lota tako da S.L. je dalje! No najvaznije da jos nisam usao na EUR-USD ali hocu bilo to sat prije objave, nevazno samo da Mario ispali granatu mogao bi EUR biti nizi na duze vrijeme….

    Liked by 1 person

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