1. marketdeal24@gmail.com : admin :
  2. imtanvirulislam@gmail.com : Mohammad Tanvir : Mohammad Tanvir
  3. jahidhasansahil@gmail.com : Jahid Hasan : Jahid Hasan
  4. zahid.marketdeal24@gmail.com : Md Zahidur Rahman : Md Zahidur Rahman
USD/CAD: Weekly Technical Analysis | 2nd - 6th November, 2020




USD/CAD: Weekly Technical Analysis | 2nd – 6th November, 2020

  • Update Time : Monday, November 2, 2020
  • 70 Time View
71
USD/CAD: Technical Analysis | November 26, 2020
USD/CAD: Technical Analysis | November 26, 2020

Weekly Time Frame:

Price is likely to go to the opening level of 2018’s at 1.3434 as a result of the price increase from the support level 1.3059 last week. This level is above the 2020 opening level of 1.2975.

If the price rises above 1.3434 this week, the trend starting from the lowest 1.2061 will target channel support (currently resistance).

Daily Time Frame:

Buyers and sellers are fighting to take their place at Resistance 1.3330. Breaking this level will move buyers to 200-day SMA (orange – 1.3542) from 1.3420. Which is merge with an ABCD bearish pattern and 1.27 BC projection 1.3507.

However, if the price is rejected from 1.3330, the price may come down to around 1.3100.

Four Hour Time Frame:

On Friday we saw the price fall below the October opening levels of 1.3308 and 1.33 handles.

Support could be seen this week at 1.3267 as buyers weaken around 1.33, which is below the 38.2% Fibonacci retracement ratio of 1.3273. Below this are 1.3259, 1.32 handles and 61.8% Fibonacci retracement ratio as support.

And if the buyers are strong above 1.33, they will target the 1.34 level, which is in line with the August opening level.

Important Things To Consider:

  • Overall the weekly price has a chance to go above 1.34 and the four-hour bullish scenario could start from the October opening level 1.3308 .
  • The four-hour time frame has support at 1.3267, with a 38.2% Fibonacci retracement ratio of 1.3273.

Please Share This Post in Your Social Media

Leave a Reply

Your email address will not be published. Required fields are marked *

More News Of This Category