Trading news

USD.CAD – prognosis via DowHow Setup

Weekly chart:

Here, the big picture is showing us a very mature uptrend, such that the current weakness at the last point two at 1.3457 CAD is no wonder. In the next few weeks, the price should be on the retreat more than anything else.

Chart1

Daily chart:

At the moment, we can still see an uptrend in this trend size. The current correction lead the price almost up to the upper edge of the green correction zone at 1.3280 CAD. Here, the 20 SMAs from the day and the week, which are also coming from below, are still working to provide support. As long as this correction zone is not exited downwards, the trend will remain intact and can be used for long trades. But careful: the higher you go, the thinner the air.

Chart2

Hourly chart:

After the break of the downtrend at 1.3313 CAD, the price is attempting a new uptrend. However, this is not yet valid, since an upward confirmation is missing. If this confirmation does come, however, a long entry may be worth it for the coming hours.

Chart3

I hope you will remain favorably disposed towards me and always remember: the journey is the reward!

All the best

Markus Gabel

AgenaTrader/TradeEscort

AgenaTrader Trading Software

IMPORTANT NOTE: Exchange transactions are associated with significant risks. Those who trade on the financial and commodity markets must familiarize themselves with these risks. Possible analyses, techniques and methods presented here are not an invitation to trade on the financial and commodity markets. They serve only for illustration, further education, and information purposes, and do not constitute investment advice or personal recommendations in any way. They are intended only to facilitate the customer's investment decision, and do not replace the advice of an investor or specific investment advice. The customer trades completely at his or her own risk. Please refer to the current version of the Terms and Conditions.

Thursday, 26 Nov, 2015 / 1:00

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