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USD/CAD: Long possibly to continue after retest of horizontal support

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USD/CAD:

Date: August 30, 2016

H4 Graph: Medium term choppy

The price tested again the support at 1,286 and started going up with strong impulse and big engulfing bar. Due to this movement broke strong resistance level at 1,3000, now made a retest of that horizontal level and started moving up again. FIB 50% level of the previous down move is broken. Possible change of tendency of the price for long. The price is also held above the 50 and  200 МА.

USDCADSFH4

Alternative Scenario: If the price move below the FIB 50% and below the previous low, may cancel the bullish move.

Technical Indicator:

DEM (14) - Still not in the overbought zone

Fundamental: During Friday's speech from Janet Yellen indicated that the rate raise could come sooner than anticipated supported the USD. Also we might see correction of the price of Oil due to Iran's comment that they will not participate in any negotiations for freezing or decreasing production.

Price for Entry long around: 1,30300

SL: 1.29700

Jr. Trader - S. Fuchedzhiev


 Varchev Traders

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