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USDCAD Trading Analysis

Posted on Oct 18th, 2018

by colibritrader

USDCAD Trading Analysis

Dear traders,

I have shared with you last time my thoughts about US indices and the German DAX.

I am surprised how accurate sometimes price action is at turning or major points.

This time was not an exception!

Two days after I shared with you my thoughts we saw Dow Jones drop by over 800 points, which was one of the biggest sell-offs in recent times.

It is currently not looking any better for these financial instruments.

I have a small short position running on Dow Jones and depending on price action might or might not leave it until it reaches the next major support level at 23400.

If I see another bearish indication after a retracement, I might re-consider re-entering with another position.

USDCAD Trading Analysis

Today I am looking at a potential long setup on the USDCAD. It looks like there is an inside bar on the daily chart.

I am also spotting a minor support level that has been re-tested just below 1.2900.

Considering that is a middle of a trading range, I would be more cautious when (and if) I take a long trade.

Even if I am proven right, this might be a short-termed bullish move.

I will be looking for a small retracement towards 1.2970 and if I spot a 4H price action confirmation I might act upon it.

Happy Trading,

Colibri Trader

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