USD/CAD: 4hr chart retracement analysis (23rd of September 2017)
This is my 4hr chart breakdown for USD/CAD.
From the daily chart We can see that this pair has been on a bearish move for a while and has rallied before continuing its momentum down.
Currently, its retracing once again before it potentially continues its momentum downwards to my weekly support zone at 1.19226.
It's currently hovering at the 38.2% level however I believe it will retrace to the 50% level next week (yellow zone). It also could potentially retrace to the 61.8% level which aligns with a descending trend line I drew.
I invested a very small capital of £50 last night and have entered a BUY trade, the retracement zone being my take profit.
I will be looking for a swing entry at the retracement zone to catch its bearish move which has a 400 pip potential.
From the daily chart We can see that this pair has been on a bearish move for a while and has rallied before continuing its momentum down.
Currently, its retracing once again before it potentially continues its momentum downwards to my weekly support zone at 1.19226.
It's currently hovering at the 38.2% level however I believe it will retrace to the 50% level next week (yellow zone). It also could potentially retrace to the 61.8% level which aligns with a descending trend line I drew.
I invested a very small capital of £50 last night and have entered a BUY trade, the retracement zone being my take profit.
I will be looking for a swing entry at the retracement zone to catch its bearish move which has a 400 pip potential.