Hi Traders! USDCAD short term forecast update and follow up is here. On July 28th I shared this “Technical Analysis – USDCAD Short Term Forecast” post in our blog. 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 H1 chart, based on the Heikin Ashi candles we can see that currently, we have strong bearish bodies here as well in downward moving market conditions so it basically reflects a bearish environment. Until this condition changes my view remains bearish here. In addition to this, the price which is moving lower has created a bearish trend pattern in the form of three lower highs, lower lows which we may consider as evidence of bearish pressure. Generally, after a bearish trend pattern, we may expect corrections and then further continuation lower. Currently it looks like a flat correction is happening in the form of a range. So based on all this my view here is bearish and I expect the price to move lower further in the short term.
On the H1 chart, my view was bearish and I was expecting the price to move lower further. The price action followed my analysis exactly as I expected it to here. The price which was moving higher reached the top of the range, respected it and bounced lower. The price then moved lower further as I expected it to and delivered 180+ pips move until it was blocked by a bullish divergence.
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To your success,
Vladimir Ribakov
Certified Financial Technician
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