USDCAD - A DOWNTREND ON USD IN PLAY???

20220508 - 2310H: Price broke through weekly channel, short term bias for HiMAC BUY setups to WKL @1.30. Will keep a watch on a reversal at this level which converge with SMA200.

20220516 - 2215H: Weekly prints a beautiful rejection of WKL @1.30134 and SMA200.

20220517 - 1733H: Price has entered the channel with a strong downward move. Will look out a trade setup @1.29 on the pullback.

Bias: SELL

Commento:

20220523 - 0016H - Chart displays an evening star pattern on a weekly chart and prices re-enters the channel. However Daily close off with a doji, will await Monday performance before looking out for a setup. Should price open above the closing price, will wait for new confirmation for a downward move as the overall bias remains SELL.

Commento:

20220530 - 0145H - The general direction/path is aligned, however price consolidate before moving to the downside. A head & shoulder pattern was presented on H1 chart and follow by the move to the downside.Similar to the earlier USD pairs, expecting price to continue towards the downside but a pullback will be possible in the mid/late week.

Commento:

20220605 - 2335H: Price move as projectory path, however no trade setup on H1 & H4. Possible pull back to 1.264 before heading to DKL @1.24477.