USDCAD: New Buying Opportunity at Strong Support
U.S. Dollar/Canadian Dollar FX:USDCAD
The price reached a strong support zone , and we can expect new buying opportunities during the next week. You can look at the past price action at this support. We had 3 attempts to breaks the support, but every time the price bounced, and the market moved upward.
This time we can expect to get a new reversal or a false breakout. It will be possible to use these signals and open long positions in the daily and hourly timeframes.
RSI is not far from the oversold zone, and it will support the buyers. The same goes for MACD . DMI is bearish , but ADX line is going to move down. It is a signal that the sellers are not so strong.
If you want to catch good trades, add this pair in your watchlist.
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Source: TW DLavrov