USD/CAD bearish analytics [May 16, 2017]
Pair USD/CAD seems to be heading down, fundamentally the news that Saudi and Russia agree to suppress oil production, so oil prices strengthen, as well as CAD currency (CAD strengthen it mean USD/CAD going downwards). And I read an article about the seasonal trade that mention about the month of May usually CAD pair tends to strengthen.
link: www.investopedia.com...orex_seasonality.asp
Technically, we focus on seeing what happens in this circle, that is,
1. First, the negative slope is formed in the H4 candle indicating that the pair is weakening, as for it is only correction or reversal.
2. Secondly, the support line "H4's MA100" at the price of 1.364 has been broken and is now turning into a resistance line.
3. Third, the support line "H4's MA200" is still far away at the 1.3516 price so if we want to sell this pair, the profit / loss ratio is good enough.
4. Fourth, a strong support line at the 1.3640 price that several days retained now has been broken down.
My prediction pair USD/CAD will continue to fall down until the end of May.
Cheers!
link: www.investopedia.com...orex_seasonality.asp
Technically, we focus on seeing what happens in this circle, that is,
1. First, the negative slope is formed in the H4 candle indicating that the pair is weakening, as for it is only correction or reversal.
2. Secondly, the support line "H4's MA100" at the price of 1.364 has been broken and is now turning into a resistance line.
3. Third, the support line "H4's MA200" is still far away at the 1.3516 price so if we want to sell this pair, the profit / loss ratio is good enough.
4. Fourth, a strong support line at the 1.3640 price that several days retained now has been broken down.
My prediction pair USD/CAD will continue to fall down until the end of May.
Cheers!
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UPDATE May 23, 2017,
After waiting for several days due to the uncertainty of oil prices, our profit target is finally reached.
Cheers!
After waiting for several days due to the uncertainty of oil prices, our profit target is finally reached.
Cheers!
The political turmoil in US makes petroleum investment there less attractive now, and also USOIL prices that had fallen yesterday also contributed to this pair rising. News about Saudi and Russia extend the reduction of oil production is currently ignored by the market; That news should be able to strengthen the sentiment of oil prices and the impact on the strengthening of CAD currency. Let's see together how this pair will move. I still stick with this plan.