Forex Forecast

USDCAD saucer and handle pattern to bring in bearish streaks

USDCAD saucer and handle pattern to bring in bearish streaks

USDCAD saucer and handle pattern to bring in bearish streaks, heading southward for next strong supports – Tunnels spread best flavor of speculation: in the broader views, shooting star pattern have shown their bearish effects on monthly patterns but for now, bears resuming rallies as the formation of handle pattern appears completed to the previous saucer pattern (see monthly charts).

For now, more bearish rout is on cards on any break below supports at 1.3280 levels. after spinning top & doji patterns occurred during handle formation, upswings appear to be exhausted (see monthly charts). bullish momentum is shrinking away at 1.3598 levels. Rising volumes on declining trend is in conformity to the downtrend. each leading oscillators signal selling interests, as RSI (14) evidences a bearish convergence with the declining prices below 49 levels, on monthly terms the indicator is puzzling, thus we believe there has been clear selling sentiment for the day and definitely no momentum for bull swings atleast in the medium run.

while stochastic has additionally been signaling momentum in this selling interests each in daily as well as monthly terms. Trade tips: Well, contemplating above technical reasoning, on speculative grounds we advise tunnel spreads that ar binary versions of the debit put spreads favoring bearish indications. This strategy is likely to fetch leveraged yields than spot FX and certain yields keeping upper strikes at 1.3312 and lower strikes at 1.3254 levels.

usdcad

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Mohammmad Riad

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