Welcome to our newest feature; Trend Line Analysis. Our professional market technician showcases intraday / swing trade setups on a broad spectrum of FX currency pairs. The most effective way to use the setup are:
▪ If the price zone fails to hold; we likely to see price moving against us. Fail means; the candle closing higher or lower to indicated price zone.
The pair traded heavily on Wednesday with a 200+ pips range dragging lower and we believe there is more to be seen on the lower side. We prefer to see USDCAD testing around 291X zone and like to initiate buys off there for it seems like a decent zone to end the correction.
Rising oil price along with the surge in Gold and falling US Dollar contributed to the heavy tone the pair took in early Asia which continued throughout the day. With a daily close under 1.3000 physiological level; expectations are, it can reach and test our intended zone to try longs.
With nothing much on news for today for the CAD; 3025-30 is resistance and if aggressive can short from there with main target to 291X zone. Alternatively this later level comes in as a decent spot which can signal an end to the correction and march back higher.
Hence; we like to try longs if price gets a test to 2905-10 for a possible move back to T1 with potential run higher for newer yearly highs.
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