USDCAD | WEEKLY PERSPECTIVEThe USD/CAD pair struggled to make a decisive move in either direction after the macroeconomic data releases from Canada and the United States on Friday - 31st July 2020. With 90pips in our direction from my last week publication (see link below for reference purposes), a possible rally continuation is looming as we experience a Breakout off of our Trendline and Resistance @ 1.33700 during the course of last week.
Tendency: Uptrend ( Bullish )
Structure: Breakout | Channel | Reversal Pattern
Observation: i. The fall of USD since mid-July 2020 appears to stall at 1.33600 zone (Buying Pressure zone) as the price continues to find it difficult to break further down.
ii. The spring of a Bullish candle (Breaking out off of my Trendline) later in the week is a sensitive sign that emphasizes Buyer's strength at this juncture in the market.
iii. Looking out for completion of retracement from Engulfing run in anticipation of a rally in the following week(s).
Trading plan: BUY confirmation with a minimum potential profit of 100 pips.
Risk/Reward: 1:2.
Potential Duration: 2 to 7 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
NirvanaForex
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
