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Weekly forecast US Dollar / Canadian Dollar technical chart
Symbol USDCAD

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Trade Setup
#USDCAD:
Total Loss: 4296 pip
Closed trade(s): 4296 pip Loss

Trade Setup:
We opened 8 BUY trade(s) @ 1.2687 (day close price) based on 'Hammer Two-day reversal candle' at 2021.02.16 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/U...

Total Loss:
SL @ 1.2150 touched at 2021.05.06 with 537 pip Loss.
Loss for one trade is 1.2687(open price) - 1.2150(close price) = 537 pip
Therefore total loss for trades is 537 x 8 = 4296 pip

Trading suggestion:

  • By appearing primary signs of entering the market, new entry zone and short-term targets would be published.

DateMay 8, 2021 - 15:59
Currentdowntrend
Forecastbeginning of uptrend

Midterm forecast:

  • 1.24700 is a major resistance, while this level is not broken, the Midterm wave will be downtrend.

Technical analysis:

  • There is a divergence in RSI and price between the trough at 1.2706 on 2020-12-10 and the trough at 1.21585 on 2021-05-06, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased.
  • While the RSI downtrend #1 is not broken, bearish wave in price would continue.
  • A peak is formed in daily chart at 1.2649 on 04/21/2021, so more losses to support(s) 1.2060, 1.1920, 1.1425 and more depths is expected.
  • Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
  • Relative strength index (RSI) is 25.

Supports and Resistances:

  1. 1.4665
  2. 1.3850
  3. 1.3645
  4. 1.3420
  5. 1.3100
  6. 1.2955
  7. 1.2830
Click on the level to view price action history.

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