- Analytics
- News and Tools
- Market News
- UISD/CAD Price Analysis: Post BoC stop hunt underway, 38.2% and 61.8% ratios eyed
UISD/CAD Price Analysis: Post BoC stop hunt underway, 38.2% and 61.8% ratios eyed
- USD/CAD stop hunt is underway and the bears are eyeing the prior support structures.
- A 38.2% and 61.8% Fibo retracement is on the cards.
USD/CAD has started the stop hunt in the new hour following the conclusion to the Bank of Canada's red calendar event on Wednesday and ahead of key US data on Thursday.
The following illustrates the price action through the event and the move into in-the-money-longs that could continue all the way into the Fibonacci scale, with the 38.2% and 61.8% ratios eyed.
USD/CAD MTF analysis
Before the new hour, the above schematic was playing out bearish due to failures to run higher through resistance and sliding to the backside of the bullish trendline support.
USD/CAD daily charts
That does not mean that there would not be prospects of a bullish breakout as per the above daily chart. There are prospects of a move higher following a stop hunt:
USD/CAD H1 charts
The price is trapped in a box (greyed area) between resistance and support. The BoC rally was decelerating into a triangle and a breakout was inevitable with the path of least resistance to the downside:
The stop hunt is underway as seen above. The Structures are as follows as per the 5-min chart:
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
