multi-timeframe analysis for #usdcad

1 ago 2022hello guys!

this technical analyze is based on rtm methods and my observation,

after that price engulfed that kink we have been waiting for continuing downward movement until first green area that showed as "first target" but when we go to upper time frame like 1D or 1w we see that engulfed as a shadow not a closed candle so there is high possibility to form a higher high that happened and I showed as a "fake out' on chart!

last week price break down last support area or kink at flip but it was so week.

now we will be waiting for a strong confirmation to get a short position!

now let's look at daily chart and its analyze below:



in daily time frame we have a mid-term ascending parallel channel , as you can see price will be move until Channel border. so it confirmed targets on first chart

now let's look at weekly chart and its analyze below:



it is funny but in weekly chart we have a huge double bottom that showed in long term usdcad will be so bullish! wait for it:)
as you know first target for double bottom pattern is as wide as height of bottom!

now let's look at daily chart of wti ( usoil ) and its analyze below:



correlation between wti and cad is so high and in above chart we see that wti is on ascending parallel channel so cad stary strong so usd cad will be bearish in mid term


If you agree with my analysis or you are happy, please hit the "like" button and "follow"!