USD/CAD BREAKOUT ANALYSIS:
Greetings to all fellow members of this esteemed forum. It's a new day and another opportunity to make money. As traders, we know that with every market move, someone out there is making good money and so we should always strive to be on the winning side because forex trading is a zero-sum game!
USDCAD YESTERDAY H1 CHART:
Mates, the market moved just like I expected for the Canadian Dollar yesterday which made quite a bullish spike when the Bank of Canada released it's monetary statement report and overnight rate. This caused the USDCAD to go lower and to touch the support line around 1.2630 and even break this support to create a new low for the year at 1.2605.
USDCAD CURRENT H1 CHART
Now, price has made a retest of the broken support and has bounced from this area which indicates that support has turned to resistance. With this bearish bounce, I expect this pair to drop further to 1.2520 zone which is expected to hold as new support for the pair.
EUR/GBP TECHNICAL ANALYSIS/FORECAST:
Meanwhile, my open positions in EURGBP has run into a bigger loss due to the fact that this pair broke below the strong daily support at 0.8860 yesterday. I scaled out of this positions by closing one position of 0.4 with $-27 while I left the other position open with floating loss of -$30 now. I left this position to run because I observed that after the break out, there was a strong bullish bounce which signaled that the breakout might be a false breakout.
However, price is still testing the support zone and currently trading at 0.8855 and so I'll be watching this pair closely and if price makes a new low today, I will cut my losses and join the sell trend to trade the bearish breakout or what do you guys think?
Thank you all for your consistent feedback to this journal and wish you a day filled with green pips.