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USDCAD Trading Analysis

Posted on Apr 5th, 2020

by colibritrader

@Colibritrader

Dear traders,

Last week I wrote about DAX (Germany 30) HERE.

So far, the price is still locked in a tight range and I am still more bearish than bullish.

I will be looking at the open and decide if I will add more to my position or cut it.

So far, if things go according to my plan, I will be looking at the level of 8000 as a potential target.

USDCAD Trading Analysis

Today, I am looking at USDCAD. It looks like the bulls are gaining more momentum again.

The price made a small retracement back to the demand zone at 1.4000 and on Friday it also printed an inside bar on the Daily.

It looks like the price might be targeting the 1.4600 handle next.

I might take a long position in this pair if I get a bullish candlestick confirmation from the 4H chart.

Attention: Just be careful in case USDCAD decides to re-test the 1.4000 handle.

Sometimes, just one test is not enough.

Happy Trading,

Colibri Trader

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