CANADIAN DOLLAR FUTURES (6C1!), H4 Potential For Bullish Rise

44004 canadian dollar futures 6c1 h4 potential for bullish rise

Type:

Bullish Rise

Key Levels:

Resistance: 0.77970

Pivot: 0.77300

Support: 0.76465

Preferred Case:

On the H4, with prices moving within an ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise from the pivot at 0.77300 where the overlap support is to the 1st resistance at 0.77970 where the swing high resistance is.

Alternative Scenario:

Alternatively, price could break pivot structure and drop to the 1st support at 0.76465 where the overlap support, 61.8% fibonacci retracement and 78.6% fibonacci projection are.

Fundamentals:

Stronger than anticipated Canadian sales data on Friday helped to balance out the DXY’s volatility , allowing USDCAD to trade in consolidation below 1.29. The USDCAD is projected to trade lower because to the recent drop in energy prices and the weakening in the DXY . This gives us a weak bullish view of the Canadian Dollar .

Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.

High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% and 68% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Written by Desmond Leong

Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.


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