Hi guys, In this analysis I will be covering USDCAD. LEVEL 1.3891 has been acting as a resistance and price has already tapped into it multiple times. Should price begin selling off from this level, The first demand level would be 1.3832 and the one after that would be 1.3804.
One other scenario is that price breaks through the immediate resistance with a fake out and taps into supply zone which is 1.3925 then starts selling off.
One thing we should consider is Federal fund rate which is going to be publish later today and it will heavily impact the market. so be extremely cautious while taking trades on any of these levels.
Be honorable
One other scenario is that price breaks through the immediate resistance with a fake out and taps into supply zone which is 1.3925 then starts selling off.
One thing we should consider is Federal fund rate which is going to be publish later today and it will heavily impact the market. so be extremely cautious while taking trades on any of these levels.
Be honorable
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Price is moving down.
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First target has been reached, second target demand zone
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Price is retracing back to entry level
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Retraced back to supply zone but couldn't proceed further and is dropping now.
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Finally demand zone has been touched and profit is running
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Moving higher my first target would be 1.3862.
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Price reversed and i had to close half of it at 1.3850 and the other half was close at break even point
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another entry back at the second demand zone and profit is running smoothly.
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second demand area is now breached