FX forecast / USD / CAD / Our expectations:
Presence of a downward trend, with the price correcting to levels of horizontal and diagonal resistance, with the likelihood that downward movement will continue. We have a beehive Pin bar formed at levels of resistance - negative for the price. The price is close to 23.6% Fibonacci correction. 50SMA is below 200SMA.
From a fundamental point of view, the Canadian grows against a backdrop of rising oil and OPEC's plans to extend the abstraction program. So far, the abstraction plan is being implemented on 130% of non-OPEC countries and 94% of countries within the organization. Producer countries' plans are to extend the abstraction program by the end of 2018 at the next meeting in Vienna.
Alternative Scenario: If the price goes back over the diagonal and horizontal resistance, and it stays there in several successive bars, the negative scenario will be spoiled and more likely to see price growth.
Jr Trader Petar Milanov
Read more:
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.