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

Tian Kriek

Analyst


July 16, 2019 07:34 AM

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. On the weekly time frame the up inner trend line has been broken suggesting the market will move lower inside the existing up Fib AB Boundary. There is a down Fib ABCD swing on the Daily time withe the D extension at 1.3035 which has been hit. Even thought the Down D at 1.3035 has been hit I can see that the Daily StochasticRSI is in the sell zone suggesting that the market may continue lower. I shall wait for a fractal low and then look to buy the retracement in the event that the Daily StochasticRSI is in the Buy. Next support is 1.3000

Daily Chart

Daily Chart

Daily Support and Resistance

Resistance 3: 1.3270
Resistance 2: 1.3300
Resistance 1: 1.3450
Current Price 1.3046
Support 1: 1.3000
Support 2: 1.2800
Support 3: 1.2500

Two Hour Chart

Two Hour Chart
The market is moving can you keep up?