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Market View

USDCAD Daily Technical View

Tuesday, February 7, 2017 8:21 AM GMT

The “Loonie” has two bullish daily candles and creates interest before today’s upcoming news. On the contrary, USOIL is under selling pressure and this weakens CAD pairs. Let us see what we are expecting today as well as the technical view of USDCAD.

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Source: ZuluTrade's Calendar


The pair forms a rather symmetrical wedge and tests its upper side. In addition, price is trying to close above 200 SMA. If the pair breaks out upside the wedge, this will give an extra bullish push. On the contrary, if price creates a bearish rejection candle on this area, then sellers will be in control.  


SMA= Simple Moving Average, 20SMA=Yellow, 200SMA= Blue)


Heading lower on H4 timeframe, we have noted two major zones. These zones define the current price action. If price breaks out of the resistance zone, then it will be bullish and vice versa with support zone. If price rejects resistance zone, then it may give a potential sell setup. Meanwhile, if price confirms the support then it may offer potential buy setup.

SMA= Simple Moving Average, 20SMA=Yellow, 200SMA= Blue)

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