Bearish scenario: Shorts below 18100 with TP1: 17900... Anticipated bullish scenario: Intraday Longs above 18130 with TP...
USD/CAD Short Trade
2021-07-13 • Updated
4H Chart
Daily Chart
USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains and dropped back by the end of the US session and closed the day at 1.2440 forming a bearish shooting star on the daily chart. On the other hand, the RSI indictors has broken its up-trend line which confirms the downside retracement move. With that being said, we would like to short USDCAD for a short term play at the current area around 1.2455 with a stop at yesterday’s high at 1.2510 only, with an initial target at 1.24 followed by 1.2360 which could be see in the coming days, especially if the Bank of Canada decided to taper again this week.
S3 |
S2 |
S1 |
Pivot |
R1 |
R2 |
R3 |
1.2337 |
1.2404 |
1.2429 |
1.2471 |
1.2496 |
1.2538 |
1.2605 |
Similar
Earnings season is a crucial time for investors and analysts, as it provides insights into how well companies have performed over the past quarter and gives indications of their future earnings. In 2023, expectations for US Q1 earnings were low due to economic challenges and rising interest rates. Surprisingly, many companies beat these low expectations, with 75% of S&P 500 companies surpassing forecasts.
When I started trading stocks a few years ago, I often needed to pay more attention to my technical analysis skills and trust that the market would play fair according to my analysis. I have since discovered that the safer approach to trading stocks is to, more often than not, seek out investing opportunities - that is, catching stock commodities with a potential to rise.
Latest news
The Reserve Bank of Australia (RBA) is widely anticipated to maintain its current interest rates at 4.35% following its two-day meeting concluding on Tuesday. Despite holding rates steady since December, the RBA has hinted at the possibility of further rate hikes due to persistently high inflation, which has exceeded its target range of 2% to 3%.
Coinbase (#COIN) saw its revenue rise to $773 million in Q1 2024, marking a 23% increase from the previous quarter and surpassing analyst expectations.
Bearish scenario: Sales below 80.00 with TP1: 79.60... Anticipated bullish scenario: Intraday purchases above 80.70 with TP: 81.50...