USD/CAD: On the monthly time frame I can see a Bullish "Cup

Tian Kriek

Analyst


November 13, 2019 02:56 PM

BEARISH

Daily Trading Range:
USD/CAD: On the monthly time frame I can see a Bullish "Cup and Handle" price pattern. This means that the market is likely to continue higher over the long term. The Weekly picture is not conclusive as price must break the up outer trend to move South OR break the down Outer Trend Line to move North. Please note that price must first breach the up Weekly Outer Trend Line to continue lower. There is a Bearish Crown on the 2 Hour chart however the down Autofib D has been hit suggesting that price will retrace Bullish before moving South again

Daily Chart

Daily Chart

Daily Support and Resistance

Resistance 3: 1.3270
Resistance 2: 1.3300
Resistance 1: 1.3450
Current Price 1.3251
Support 1: 1.3000
Support 2: 1.2800
Support 3: 1.2500

Two Hour Chart

Two Hour Chart
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