USD-CAD PAIR ANALYSIS
In the Asian to European sessions yesterday, the USDCAD movement fell first, then after that, when the market entered the American session, there was a significant spike which made the USDCAD jump around 57 pips. The strengthening of the US dollar seems to be related to the news released last night. Because the candle was unable to penetrate the nearest resistance at the price of 1.3720, the seller pressed again which made the movement go down and USDCAD did not continue to rise again. Now the usdcad position itself is being traded at a price of 1.3656. If analyzed from the h1 timeframe, it can be seen that currently the candle is still stuck in the support area. Apart from that, the actual candle has not been able to pass through the RBS area at the price of 1.3656. As long as the pattern is not broken, I still believe that the opportunity to rise is still very large, especially in areas where there is supply that has not yet been touched at all. For example, the price is 1.3840. The resistance at the price of 1.3826 will certainly be targeted in the future. If analyzed using the Ichimoku indicator, the candle position is below the tenkan sen and kijun sen lines. Even though previously his position had been above the line. With a flat kumo position, this intersection could occur. Plus now the candle is stuck above support. Of course that can make gbpusd rise again and can change the position of the candle above the tenkan sen and kijun sen lines again. Meanwhile, the stochastic indicator itself appears to have touched the lower level, namely 20, which means the condition is already over sold. Maybe in the near future the movement will pick up again. However, we have to wait for the lines to intersect first and the most important thing is that the direction is facing up because for now the direction is still facing down. So the conclusion of today's analysis is that USDCAD still has a chance to rise because the RBS pattern at the price of 1.3647 is still unable to be penetrated and the candle is also stuck in the support area. Therefore, I recommend that those of you who trade in this pair should try to open a buy position while the condition is over sold. We know that in recent days the movement has always been down. Your target can be placed at the nearest resistance at the price of 1.3826 and the stop loss can be placed at the support at the price of 1.3638.
