Welcome trading legends,
In this post, we’ll be trading the USD/CAD asset using the signals provided by the Tools Trades website and the IQ Option broker. Be sure to stick to the end of the video as I’ll be sharing a special promo code with you.
Allow me to explain why I’m trading this particular asset.
Currency pair US Dollar to Canadian Dollar USD/CAD continues to move as part of the fall and the formation of the “Wedge” reversal pattern. At the time of the publication of the forecast, the rate of the US Dollar to the Canadian Dollar is 1.2623. Moving averages indicate a short-term bearish trend for the pair. Prices broke down the area between the signal lines, which indicates pressure from sellers and a potential continuation of the fall in the pair of prices in the near future. At the moment, we should expect an attempt to develop a decline and a test of the support level near the 1.2565 area. Further, an upward rebound and a continuation of the rise of the currency pair on Forex. A potential target of such a movement of the instrument is the area above the level of 1.3095.
An additional signal in favor of raising the Canadian Dollar quotes will be a test of the trend line on the relative strength index (RSI). The second signal in favor of growth will be a rebound from the lower boundary of the “Wedge” model. Cancellation of the option to raise the USD/CAD currency pair on Forex will be a fall and a breakdown of the 1.2445 area. This will indicate a breakdown of the support area and a continued decline in quotations to the area below 1.2205. It is worth waiting for confirmation of the growth of the pair with the breakdown of the resistance area and closing of the USD/CAD quotes above the level of 1.2775, which will indicate the completion of the formation of the “Wedge” reversal pattern.
Sometimes the patterns lead to a trend continuation. The key here is to watch for confirmation before running too aggressively with a trading bias. For this thing to trigger a potential squeeze, the top-side line of the pattern (also a channel line from late October) needs to be broken.
In this scenario, the initial level of resistance to watch will be the trend-line running down from March, followed by the 130000 level that has been influential for some time now. That would certainly be an important test should the falling wedge resolve with a bullish outcome.
In the event the underside trend-line is breached, we may see USD/CAD fall apart and continue to trend lower towards the next level of support around 12529, a minor swing low created in 2018.
As you can see the signals from the Tools Trades website have worked!
The promo code that you see on the screen will give you more trading signals if you use them on the Tools Trades website.
Be sure to watch my other videos on the channel and read the blog page so you learn more. If you want more videos like this be sure to like and subscribe. Thanks for watching and
May the Forex be with you.
Commenti