Looking at the weekly timeframe graph, we can see that the pair is currently at the Fibonacci level of 38.2% at 1.26700. The bearish scenario is still valid and we look forward to future sequels. Before that, the dollar can be integrated at this Fibonacci level for a break. On the upper side is also the trend line, which is a great resistance to bullish trends. For now, if you see a pullback, you can expect a maximum of 1.30,000. This would be a big profit if the dollar achieved it.
A large down channel was seen in the daily time frame and the pair found current support at 1.26150. On the upper side is the resistance indicator for the moving average from MA20 to MA200. A break is needed on the MA20 (light blue line) due to a potential bullish trend. After that, the candle foot settings will be displayed. Our transactions should be restricted within this channel and if there are interruptions outside the channel we can analyze the better situation for the next period. The bearish scenario is still valid.
In the 4-hour time frame, there is a long-term downward trend from certain pullbacks to moving averages. On a moving average, the MA200 (purple line) is currently a major hurdle for this pair of H4s. Reverse the bullish tendency. In essence, the indicators help you see and predict how the pair may move over the next period, based on the previous candlesticks on the chart.
From the news we can identify: activities US service sector According to a report released Thursday by the Supply Management Association, it grew at an unexpectedly fast pace in December. According to ISM, the PMI of services rose from 55.9 in November to 57.2 in December, with numbers above 50 indicating growth in the services sector. Economists expected the index to drop to 54.6. The supplier’s delivery index also jumped from 57.0 in November to 62.8 in December, but the index has reversed, with values above 50% indicating slow delivery.
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January 8 USD / CAD Forecast
https://www.financebrokerage.com/usd-cad-forecast-for-january-8/ January 8 USD / CAD Forecast