Weekly Forex Forecast – SILVER, USDCAD – 6 November 2022

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Weekly Forex Forecast - SILVER, USDCAD - 6 November 2022

In this article, I’ll share with you my analysis on SILVER and USDCAD.

SILVER is in a bullish corrective phase that can take the price all the way to the daily 50% Fibonacci retracement level at first, so buy the pullback is my personal trading plan for SILVER.

USDCAD is currently traded in a bearish corrective phase, and I expect it to continue lower toward the 50% Fibonacci level of the daily cycle.

 

You can watch the video explanation of this forecast here:

 

 

Silver

Weekly timeframe – On the weekly chart, we can see that the price was trading downside, creating several lower highslower lows structure and recently it reached a beautiful support zonewhile creating a bullish divergence based on the MACD and RSI indicator, and is currently bouncing upside.

 

Weekly Forex Forecast - SILVER, USDCAD - 6 November 2022

 

Daily time frame – On the daily chart, the price created a false breakout of the low (which means lack of sellers control) with a bullish divergence. A classical technical sign of potential trend change.Since then the price rallied to create higher highs breaking above the high of 15th of August around the level of 20.85

A pullback and further rally since then, likely hints that the buyers will try and reach the 50% Fibonacci level of the daily cycle, as you can see on the image below.

 

Weekly Forex Forecast - SILVER, USDCAD - 6 November 2022

 

4H time frame – Here we can see clear waves of higher highs higher lows structure, indicating clean bullish momentum. Currently there are no opposite signs and I expect to see bullish continuation.

 

Weekly Forex Forecast - SILVER, USDCAD - 6 November 2022

 

The key levels where I may expect the price to pullback to before further rallies take place are shown in the image below.

 

Weekly Forex Forecast - SILVER, USDCAD - 6 November 2022

 

 

USDCAD

Weekly timeframe – On the weekly chart we can the price is bouncing from a consolidation area (clear supply zone) of April-May 2019. This is also 1.40 round level which acts as a key level. With a strong bounce down since then, I believe the price should continue the bearish momentum aiming the 50 and 200 moving averages of the weekly time frame as you can see on the image below.

 

Weekly Forex Forecast - SILVER, USDCAD - 6 November 2022

 

Daily timeframe – On the daily chart we had a beautiful bullish cycle which comes to an end with the bearish divergence based on the MACD and RSI indicators. I believe the price is building up an ABCD correction as you can see on the below –

 

Weekly Forex Forecast - SILVER, USDCAD - 6 November 2022

 

4H time frame – Looking at the H4 chart, we could see that the first leg of the daily ABCD correction is a bearish wave with the price creating three lower highslower lows structure followed by an ABCD correction and I expect the price to continue the bearish momentum as I show on the images below –

 

Weekly Forex Forecast - SILVER, USDCAD - 6 November 2022

 

 

Weekly Forex Forecast - SILVER, USDCAD - 6 November 2022

 

That would be all for this weekly forecast. I wish you a successful trading week ahead.

 

Our recommended CFD brokerActivTrades

 

If you have any further questions, don’t hesitate to drop a comment below!

 

Yours to your success,

Vladimir Ribakov
Certified Financial Technician

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