Only charts

Dear traders , The pair broke the daily trend and the 200 DMA (daily moving average) and is currently testing a very important area as well which is 200 week moving average and weekly support area at 110.20¥ , which might support the pair and help it recover a modest recovery in short term to 112.20¥ The pair is seen trading between 105¥ and 116¥ during 2017 , it will be kind of range pattern rather than trending. It is still not clear wether the pair will maintain its pullish trend after trump victory back in november and its 1800 pips rally. So the pullback to 110¥ is very logical action and we might find more decline to 105¥ Choose your trading strategy wisely based on your trading behavior.

USDCAD has been trading in an uptrend channel for the last 7 0r 8 trading days . After the us fed declared that the economy is still in pace and working fine with employment figures and wages . No assessment of the inflation has been mentioned so the dollar reversed the gains momentarily. Of course , personally believe that charts rule and the fundamentals are just the catalyst. Fundamentala come out at the perfect time to make the markets move in the right direction. Anyway , as below screenshot of #usdcad chart on the 4h time frame , the pair is holding above the 200 MA and first area of support lies around 1.3130 area , the pair ia expected to fall to this area and beyond after breaking the channel.