USDCAD Dropping It Low Long-term
Looking for resistance to be retested and then a possible breakout to take place to the downside. Possible formation of a descending triangle which may indicate a continuation of the downtrend. Strong support is prevalent in previous price action, however anything can happen in this scenario. However, watching closely for price to retest the trendline of resistance and then continue its drop on the weekly timeframe of about 500+ pips over the next upcoming weeks and months.
I believe that the initial rise will continue into the final months of 2017 and early January and February of 2018 before the drop happens. Shorter term traders may be buying the USD for now as that is the current, immediate sentiment for quick profits. For a buy, 1.27187 is the entry level for a daily analysis and the take profit for D1 is around 1.29393 (short-term).
Stay tuned. Now for the weekly, longer time-frame analysis, my idea is a sell. My entry would anticipate a major drop and my sell limit would be around 1.31713 and my TP 2 would be around the 1.27410 area. TP 1 is around 1.28176 and is the halfway mark to secure the bag.
*Trading is not for everyone and losses could easily exceed investment capital. Use proper risk management and small lot sizes to protect individual accounts.
I believe that the initial rise will continue into the final months of 2017 and early January and February of 2018 before the drop happens. Shorter term traders may be buying the USD for now as that is the current, immediate sentiment for quick profits. For a buy, 1.27187 is the entry level for a daily analysis and the take profit for D1 is around 1.29393 (short-term).
Stay tuned. Now for the weekly, longer time-frame analysis, my idea is a sell. My entry would anticipate a major drop and my sell limit would be around 1.31713 and my TP 2 would be around the 1.27410 area. TP 1 is around 1.28176 and is the halfway mark to secure the bag.
*Trading is not for everyone and losses could easily exceed investment capital. Use proper risk management and small lot sizes to protect individual accounts.
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