Price is bound by support and resistance n the daily chart, but bearish below the monthly support. All eays on critical support and resistance levels on the daily chart. Despite the downside in USD/CAD, CAD net long positions drifted lower but have held in positive territory for the past three weeks having bounced sharply in late December. With that being said, the longer-term time frames are showing corrective price action behaviour in what could be a phase of accumulation in the makings before the next bearish drive. The following is a top-down analysis that shows the key daily boundaries which are containing the market for the meanwhile. Monthly chart It is still early days, but the monthly chart shows that should the price remain contained over the coming weeks between a narrow range, then a bullish doji would firm the bullish bias for an upside correction to resistance. Weekly chart The weekly chart has printed a doji albeit with a lower close. The price is testing the resistance and a weekly close below it would be bearish. A close above would be bullish. Daily chart The above chart illustrates two scenarios. A bullish close above supporting areas in the vicinities of the 50% and 61.8% Fibonacci retracement levels and a subsequent new bullish impulse would equate to a bullish reverse head and shoulders pattern. Prospects thereafter would be bullish on a break of the overhead resistance and onwards towards the monthly resistance overhead. A secondary scenario is with the price breaking the supporting areas and continuing to the downside. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Fed’s Rosengren: Does not expect US to breach 2% sustained inflation over next two years FX Street 11 months Price is bound by support and resistance n the daily chart, but bearish below the monthly support. All eays on critical support and resistance levels on the daily chart. Despite the downside in USD/CAD, CAD net long positions drifted lower but have held in positive territory for the past three weeks having bounced sharply in late December. With that being said, the longer-term time frames are showing corrective price action behaviour in what could be a phase of accumulation in the makings before the next bearish drive. The following is a top-down analysis that shows the key daily boundaries which… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
