Hi Traders! USDCAD forecast follow up and update is here. On March 9th I shared this “USDCAD Buy Idea With Two Possible Scenarios” post in Trading View. In this post, let’s do a recap of this setup and see how it has developed now. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club. Spoiler alert – free memberships are available!
My Idea
On the H4 chart, the price action didn’t follow my analysis, based on the aggressive approach (scenario 1) the price reached the strong support zone and then provided a short push to the upside delivering 80+ pips move. But then the price moved lower and we got a valid breakout below the strong support zone thus invalidating the bullish view here. Regarding the conservative approach (scenario 2) I mentioned that we may look for bullish setups after the price breaks above the consolidation zone. The conservative approach didn’t trigger here as the price didn’t break above the consolidation zone.
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To your success,
Vladimir Ribakov
Certified Financial Technician
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