USDCAD- 07Mar2022
USDCAD- 07Mar2022
Technically, USDCAD price action is very mixed due to its bearish price action on the monthly time frame but bullish on the weekly and daily time frame. With the added mix of Russia-Ukraine political situation that caused oil price huge fluctuation and BOC raising its interest rate from 0.25% to 0.5%. On the daily, price only manage to close above all 3 MAs once again.
On the H4, price once again tried to break out from the channel but face bearish pressure at 1st Resistance at 1.27835. Price is now above all the 3 MAs and more on bullish bias. If price can close above the upper trendline channel, we could expect price to bounce higher to 2nd Resistance at 1.28405.
This is for personal record purposes only, not financial advise or solicitation of trade.
Technically, USDCAD price action is very mixed due to its bearish price action on the monthly time frame but bullish on the weekly and daily time frame. With the added mix of Russia-Ukraine political situation that caused oil price huge fluctuation and BOC raising its interest rate from 0.25% to 0.5%. On the daily, price only manage to close above all 3 MAs once again.
On the H4, price once again tried to break out from the channel but face bearish pressure at 1st Resistance at 1.27835. Price is now above all the 3 MAs and more on bullish bias. If price can close above the upper trendline channel, we could expect price to bounce higher to 2nd Resistance at 1.28405.
This is for personal record purposes only, not financial advise or solicitation of trade.
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