Type:
Bullish Rise
Key Levels:
Resistance: 0.77970
Pivot: 0.77300
Support: 0.76465
Preferred Case:
On the H4, with prices moving within an ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise from the pivot at 0.77300 where the overlap support is to the 1st resistance at 0.77970 where the swing high resistance is.
Alternative Scenario:
Alternatively, price could break pivot structure and drop to the 1st support at 0.76465 where the overlap support, 61.8% fibonacci retracement and 78.6% fibonacci projection are.
Fundamentals:
Stronger than anticipated Canadian sales data on Friday helped to balance out the DXY's volatility , allowing USDCAD to trade in consolidation below 1.29. The USDCAD is projected to trade lower because to the recent drop in energy prices and the weakening in the DXY . This gives us a weak bullish view of the Canadian Dollar .
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.