USD/CAD appropriate level for short position after break of Flag formation

23.11.2017 / 12:52

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Forex forecast / USD/CAD / Our expectations

Middle-term short trend, short-term upward trend. The price reached levels of main diagonal resistance and did not managed to break above it, afterwards the descending movement has started. break of Flag formation in descending direction. The price is below SMA 200, which is negative signal. Technical indicator: CCI(50) - Below level 100, when break level 0, the negative sentiment will increase. DeM(14) - Turn south from zone of overbought and broke level 0.7, the oscillator still points in down direction as there are no indications for reversing - the negative tendency is still on track. Break of FiBo level 23.6.

Alternative scenario: If the price breaks above the diagonal resistance and enter in the flag formation once again, the negative scenario will be dismissed.

SL: 1.2800

Trader Bozhidar Arabadzhiev

Varchev Traders

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USD/CAD appropriate level for short position after break of Flag formation

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