USDCAD Trading Analysis

by: Colibri Trader

Dear traders,

The trading analysis from last time did prove pretty precise. I was looking at the EURUSD and its bearish mode. After my analysis, the pair has gone down around 150 pips before rebouncing back to 1.2000.

Currently, it looks like the price is rejecting the 1.2000 resistance level and might resume its downfall.

Anyways, I am not looking to add to that position, but will continue monitoring it for possibly a new short trade.

USDCAD Trading Analysis

Today, I am looking at USDCAD. It looks like price has found some solid support at 1.2400.

The daily candlestick formation is a bullish engulfing  pattern. It is a quite strong confirmation, since the engulfing candle is covering the previous two bearish candles.

The next resistance level is at 1.2650 and after that the level of 1.2900 stands as a strong barrier for the buyers.

I will be looking for a potential buy if price retraces back to 1.2500 and price action confirms this level.

Until then, I will be patiently waiting.

Happy Trading,

Colibri Trader

Check out my daily thoughts from yesterday on Creative Trading

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