Welcome to the analysis of USDCAD. I hope that you work hard everyday to analyze the market and make successful predictions. We are here to help you to achieve these targets. Every week we analyze these charts.
It can be seen that the USDCAD is hitting the trend line. Let’s look at the daily chart.
In the daily chart, the upper trend line and the lower trend line are perfectly formed. So we can see that there is an upward channel. In this upward channel, the price has more to go to reach the 1.36500 resistance level. So we can expect that the price will continue to increase and reach that resistance level.
Let’s look at the 4 hour chart of USDCAD to confirm this.
The price had been rejected by the middle trend line many times. And also another trend line is formed above. And at this moment we can see that currently the price is rejected at that third trend line from the bottom. So we will put the stop-loss at 1.32350. And the take-profit level will be at that resistance at 1.32300.
So we predict that the price will go up in the first week of April 2019. In the Forex market, nothing is permanent. So you should always watch the price. If there is a reversal pattern, then the price can go down. So it is important to always watch the market movement.
So drawing these trend lines will help you to predict more accurately. We always do not recommend the indicators. So focus more on price actions and you will see a more clear picture of the market.
Thanks and I hope your ideas in the comments.