Our expectations: D1 The short-term downward trend may be over.
Commentary: BOC’s next month is expected to raise the interest rate, which is positive for the Canadian dollar.
A strong fundamental indicator is strong oil, and the Canadian dollar and oil are in a direct correlation.
The long lower tails of the previous bars, this shows the bearish bumps.
DeMarker is in the area below 0.3 and turns, which is a strong signal for promotion.
The test price tests a strongly diagonal weekly level. An additional indicator is the inability to break the price horizontally at a weekly level. We will position ourselves on a 50% refund to today’s strong bullish bar, which allows us to move SL far below the strong levels.
In order to keep capital management, we need to reduce the volume by half due to the SL.
The price touches the optimized Andrews weekly villa, so we can build Andrews’s long-lasting villa for long.
We will position ourselves when the price is returned to 50% of today’s strong bullish bar, which allows us to move SL further.
Alternative Scenarios: The US-China trade war may be deepening, and this will positively affect the yen, which is a currency haven of uncertainty. Any reduction or retention of interest rate parameters, as well as a decrease in oil, will be negative for the Canadian dollar.