USDCAD Potential for Bearish Drop to recent swing low | Market Analysis
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USDCAD Potential for Bearish Drop to recent swing low
02:50 2023-01-30 UTC--5
Exchange Rates analysis

Description :

Looking at the H4 chart, my overall bias for USDCAD is bearish due to the current price being below the Ichimoku cloud, and a descending trend line adds confluence to my bias,indicating a bearish market. Looking for a sell entry at 1.33480 where the recent swing high is. We are looking to take profit at 1.32301, where the previous swing low is. Stop loss will be placed at 1.34142 where the previous overlap resistance is.

Trading Recommendation

Entry: 1.33480

Reason for Entry: Bearish trend line + Ichimoku cloud

Take Profit: 1.32301

Reason for Take Profit:

Recent swing low support

Stop Loss: 1.34142

Reason for Stop Loss:

Key resistance area

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Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.