USDCAD Forex cross pair analysis
25 May 2020
USDCAD forex major cross pair hasn’t moved much for a few weeks since a very strong daily imbalance was reached last 27th March 2020. The demand imbalance around 1.3925 has been holding several attacks providing short-term intraday and scalping opportunities for those trading the smaller timeframes using intraday levels and intraday forex strategies.
USDCAD scenario short term
Take a look at USDCAD forex cross-pair daily timeframe below to see the imbalance I am describing and how it’s been holding the price for a few weeks. This is the kind of scenario that a swing trader should not consider trading. When the price does nothing for such a long period, we should stay away from it and wait for a clear opportunity to avoid unnecessary losses.
USDCAD forex price analysis
This is a trading scenario we are not interested in. The buying opportunity on USDCAD already happened last 27th March 2020. We need to see a clear move again before we pull the trigger. In the meantime, many other forex cross pairs and stocks provide us with way clearer swing trading opportunities. We are expecting USDCAD to drop further.
If you want to view more analyses like this, you can visit our forex technical analysis page. Join our supply and demand stock trading course to learn how to trade using our supply and demand trading strategy.
© 2013 – 2024
Set and Forget S.L
All Rights Reserved.
Follow Us
Disclaimer
Any Advice or information on this website is General Advice Only - It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By viewing any material or using the information within this site you agree that this is general education material and you will not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here by Set and Forget, its employees, or fellow members. Futures, options, and spot currency and stocks trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the Forex and futures markets. Don't trade with money you can't afford to lose. This website is neither a solicitation nor an offer to Buy/Sell spot Forex, cfd's, stocks or other financial products. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material on this website. The past performance of any trading system or methodology is not necessarily indicative of future results.
High Risk Warning: Forex, Futures, and Options trading has large potential rewards, but also large potential risks. The high degree of leverage can work against you as well as for you. You must be aware of the risks of investing in Forex, futures, and options and be willing to accept them in order to trade in these markets. Forex trading involves substantial risk of loss and is not suitable for all investors. Please do not trade with borrowed money or money you cannot afford to lose. Any opinions, news, research, analysis, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. We will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results.