USDCAD: Major Retracement Yet to be Completed

USDCAD D1 ChartPrice has recently broken a 14-month low and is in the midst of a major retracement, expecting the price to reach FR38.2% and a previous major support turned resistance level.

In H1 chart, the price is seen trending upwards and is using the top of a previous rising trend channel as a support to rebound higher and higher. Thus, price is now retracing again and may reach the top of the channel again before resuming appreciation.

So lastly, all we need to do is to wait for the price to complete another one or two waves of retracement and look for buy opportunity within the highlighted zone, setting our stop loss below FR100%.

D' Lifestyle Trader

7 years of experience in Forex trading (since 2009) and 3 years in the industry of Forex Education (since 2013), I have decided to form a community of traders with a 100% transparency in our trading results so people stop buying bullshit from one another. Just like anyone, I am just a normal human being who wants to build my wealth through trading while at the same time, I have a passion for helping others to achieve the same. By helping others to achieve the same results I wanted, I believe I will achieve the results I want even faster than ever. I also want to make education as affordable as possible so that firstly, they do not have to take a big monetary risk, and secondly, everyone has an opportunity to learn and build their wealth through Forex trading. I believe if I can help everyone around me to become reach, honestly, how poor can I be?

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2017-08-11

Chart Analysis, Currency Pairs, Today's Watchlist, USDCAD

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D' Lifestyle Trader

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