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Weekly forecast US Dollar / Canadian Dollar technical chart
Symbol USDCAD

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Sell Zone (1.38344 to 1.39742). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

We would set sell orders based on Daily-Trading-Opportunities and expect to reach short-term targets.

  • Beginning of entry zone (1.38344)
  • Ending of entry zone (1.39742)

DateNovember 5, 2022 - 13:53
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 1.39742, beginning of downtrend is expected.
  • We make sure when the support at 1.32000 breaks.
  • If the resistance at 1.39742 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • There is a divergence in RSI and price between the peak at 1.38068 on 2022-09-26 and the peak at 1.39769 on 2022-10-13, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
  • The RSI uptrend #1 is broken, so the probability of beginning of downtrend is increased.
  • A peak is formed in daily chart at 1.38112 on 11/03/2022, so more losses to support(s) 1.33621 and minimum to Major Support (1.32000) 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 43.

Take Profits:

  1. 1.37055
  2. 1.36343
  3. 1.34997
  4. 1.33621
  5. 1.32000
  6. 1.30760
  7. 1.29590
  8. 1.23010
  9. 1.20060
Click on the level to view price action history.

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