USDCAD is very bullish and we can see a strong uptrend within the equidistant channel. The price is zig zagging making bullish patterns, but we definitely need to pay attention to technical levels and zones as the pair is very susceptible to OIL movements.
The first POC comes within 1.4180-4090 zone. As I already suggested on Session Recap webinars, +250 pips which the analysis was good for has already been made so the price is in retracement mode again. After making a new high in 1.4315 zone, the price is dropping towards first POC so we will either see a bounce or if the price breaks 1.4150 it should drop towards POC2 1.4080-90. So our focus is on POC first (EMA89, 50.0,historical buyers). ONLY if the price breaks 1.4340 with a huge momentum or we get 4h close above H4-1.4340 we should see 1.4500.
However if the pair drops to POC2 (88.6,historical buyers, T-89 pattern) it should stay above 1.4050 and bounce towards 1.4180 again. If it fails we should see a short breakout towards L4 1.3955.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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