USDCAD: BEARISH Market Analysis! Watching for CONTINUATION

Hello, everybody and welcome to Cybernetics Trading Lab, today we are going to analyse the USDCAD, translating the market information by using a full technical analysis on different time frames, giving you a personal opinion about the next most likely market movement and helping you to spot and manage market opportunities.

Top Down Technical Analysis:
The structure slightly changed since the last forecast, but still looks like bearish.
In HTF the market is moving inside a great descending channel, reached the top and sharply reversed , potentially continuing the first bearish impulsive move.
In lower timeframe, a corrective structure, double top and and reversal impulse inside, could be clues enough to confirm the next movement.

When, where and why would we step into the market?
Considering the overall momentum still bearish, we will be looking only for sell positions, if the market will be able to breakout the corrective structure and “breath’, confirming our entry.
However, the market could false breakout and retrace back inside, in that situation no action will be taken.


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Cybernetics Trading Lab

DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose.