FOREX: We Continue with Purchases at USDCAD

13.02.2019 / 10:43

Rating:

USDCAD

Time Frame: W, H4

Technical analysis: On a weekly chart, price has formed a trend reversing "engulfing" candle formation formed by the rally last week.

The price has reached a 50% retracement from the absorbing weekly bar at a cost of ~ 1.3200, and if we switch to a lower time chart, H4 will see a reversing "hammer" candle that supports the upside scenario.

Indicators: On a weekly basis, the cost is over 50-SMA, 1o0-SMA and 200-SMA, which supports bullish scenario. The four hour price chart the price is supported by 50-SMA

DeM (14): The indicator is in an over-sold area that supports purchases.

Enter: Aggressive input from current values, while more conservative ones could wait for pulse correction to minimize risk.

SL: 1.3180

Alternative Scenarios: If the price goes below zone 1.31, there is high probability of continuing the correction and testing higher CAD values.

Trader Velizar Mitov

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FOREX: We Continue with Purchases at USDCAD

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