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.

 

 

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 15^th 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.

 

 

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.

 

 

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

 

 

 

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.

 

 

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 –

 

 

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 –