Simple Moving Average(SMA) 50-period (red), 200-period (bold, gray)
RSI-14 with Simple Moving Average 5-period of RSI attached.
Elliott Wave Principles
Market and Price Action (patterns, candlesticks)
Intraday pivots and Intermediate-term support and resistance
- The 4H chart shows that since yesterday's break below the descending triangle support, we had a pullback. The latest 4H candle hints at completion of the pullback, and rejection of the USD/CAD from going back into the triangle.
- A bearish continuation perhaps? We do have a target of 0.9750 (2008 lows), but first the most recent low at 0.9845 will be the near-term target.
- The 1H chart below shows that the market is not in the clear yet.
- A break below 0.9860 would then signal a bearish continuation (confirmed with a close then below 0.9845).
- In the near-term, there could still be another bullish attempt. The RSI in the 1H chart will confirm the bearish continuation by dipping below 40.
Will the USD/CAD slide to the 2008 lows near 0.9750? We would love to hear what you think.
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Fan Yang CMT
Chief Technical Strategist
Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.