USD vs CAD Bearish Bias Remains in Play

7 de mai. de 2015

Looking at the daily USD vs CAD chart we can see price has found some support at the psychological level at 1.20000. Price has honored that level twice and is currently moving higher to the fractal resistance level at 1.21744 which is also in align with the previous week high at 1.22047. Look for price to find resistance at these levels and possibly continue the bearish move. If price violates these levels then we look for Kijun resistance at 1.22939 which is represented by the blue horizontal line. With price being below the Kumo Cloud and a bearish TK Cross and dark future I am staying with the short bias. It's a little early to get into a trade setup but once we see what price is going to do at these levels then we will plan our entry short into the market. There is a lot of USD and CAD news coming up within the next few hours which could see price violating our levels but ultimately price will get back in align with the primary trend. Hope you enjoy the analysis and check us out at fxatoneglance.com, God bless!