USDCAD Retracement 4H Chart? 09.05.2023
After the Labor Data for both the US and Canada, the CAD appreciated greatly causing the pair to move rapidly downwards.
This shock lasted for long and was not intraday. The pair found a good support eventually showing signs of a retracement.
Breaking the resistance levels near 1.33865 will probably push it to the next resistance and 61.8% retracement level as indicated by the arrow.
Tomorrow, 10th May, the CPI data for the US are going to be released and if the retracement is not completed until then, distortion will take place affecting this analysis.
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Information Regarding Important News and Figures can be found here in our Economic Calendar: mau.bdswiss.com/economic-calenda...
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BDS Ltd is authorized and regulated by the Financial Services Authority Seychelles (FSA) under license number SD047, address: Tenancy 10, Marina House, Eden Island, Mahe. Payment transactions are managed by BDS Markets (Registration number: 143350).
This shock lasted for long and was not intraday. The pair found a good support eventually showing signs of a retracement.
Breaking the resistance levels near 1.33865 will probably push it to the next resistance and 61.8% retracement level as indicated by the arrow.
Tomorrow, 10th May, the CPI data for the US are going to be released and if the retracement is not completed until then, distortion will take place affecting this analysis.
__________________________
Information Regarding Important News and Figures can be found here in our Economic Calendar: mau.bdswiss.com/economic-calenda...
Risk Warning: Trading in CFDs is highly speculative and carries a high level of risk. It is possible to lose all of your invested capital. These products may not be suitable for everyone, and you should ensure that you fully understand the risks taking into consideration your investment objectives, level of experience, personal circumstances as well as personal resources. Speculate only with funds that you can afford to lose. Seek independent advice if necessary. Please refer to our Risk Disclosure.
BDSwiss is a trading name of BDS Markets and BDS Ltd.
BDS Markets is a company incorporated under the laws of the Republic of Mauritius and is authorized and regulated by the Financial Services Commission of Mauritius ( FSC ) under license number C116016172, address: 6th Floor, Tower 1, Nexteracom Building 72201 Ebene.
BDS Ltd is authorized and regulated by the Financial Services Authority Seychelles (FSA) under license number SD047, address: Tenancy 10, Marina House, Eden Island, Mahe. Payment transactions are managed by BDS Markets (Registration number: 143350).
BDSwiss Research Team: Stuart Cowell, Da-Costa Assumang, Adnan Rehman, Aldo Weidner
Our team of renowned market analysts and professional traders work round the clock to provide up-to-the-minute market news coverage & actionable financial commentary
Our team of renowned market analysts and professional traders work round the clock to provide up-to-the-minute market news coverage & actionable financial commentary
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