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Do you analyse the weekly impulse and retracements?
The USDCAD price has reversed in line with our weekly outlook,
but where are the best levels to buy the forex pair?
Watch the video to learn more…
Hi, and welcome to this Blueberry Markets video update with me, John Kibbler, Head Currency Analyst.
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In this video, we’re going to take a look at USD/CAD. We’ve been following this chart for a couple of weeks now. We’ve been looking at how the price will develop as it gets towards key support and resistance zones. In particular last week, we talked about how the market was ranging in this four-hour area, through here, and we’re expecting a break out to the upside.
We’re expecting a break out to the upside because of our weekly chart. We found that the market had been at this area in the past, and we also found numerous support and resistance levels. The RSI was in an overbought condition whilst we had a nice bullish candlestick, this often led us to a pullback opportunity on the weekly trend. So, we’re looking to buy this market up into key levels of resistance levels.
We can see on the four-hour timeframe that we have this nice trend developing in here. So, where are the good areas to buy? The first area I want to mark out is the most traded area of last week because this is where institutions are doing their business in the markets. And we can see in this range, here, the most traded area was around 1.2750. So, if the price were to pull back into this area, this would be a perfect place to look for some long opportunities.
Now, the price doesn’t always come back into these levels they can take off from these points and then come back to them at a later date, that is very common. But when they do get to these levels, they do react pretty nicely. Especially for our trading, we can look at these short term impulses off of these levels.
So, one area is that 1.2750.
The next area of interest for me is going to be a little bit higher. In this area, around 1.2802. This is because the price has found multiple support and resistance levels. We have resistance, resistance, resistance, and recently support.
If the price were to come back down to this point, maybe we could get some consolidation after this recent rally if the price were to consolidate in this area, another great area to be involved in this 1.2830 or as I described it, 1.2822. Somewhere in and around this point would look decent for some long opportunities as well.
So, USD/CAD is looking very good to the upside. We’ve been tracking this for a couple of weeks. Have a little look at this potential reversal setup of the weekly trend, and we’ll see how this one plays out.
Thanks for watching and I’ll speak to you soon.
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