The dollar cad nose dived down after faking out traders by pretending to be breaking up farther. This pair looks like there's still room to move towards the downside.
BEAR CASE
The 200MA on the 4HR chart should see some short term relief for the dollar cad. After which we think a retest to the 1.23 level might be in the playbooks.
BULL CASE
If for some reason the interpretation of the nose diving is wrong and the 200MA holds hold for the pair, we thin that price action will start to consolidate between the 200MA and the highs in a choppy manner. Our lots sizes and holding period will change to reflect that of prudence if that happens.
BEAR CASE
The 200MA on the 4HR chart should see some short term relief for the dollar cad. After which we think a retest to the 1.23 level might be in the playbooks.
BULL CASE
If for some reason the interpretation of the nose diving is wrong and the 200MA holds hold for the pair, we thin that price action will start to consolidate between the 200MA and the highs in a choppy manner. Our lots sizes and holding period will change to reflect that of prudence if that happens.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.