Thursday, June 30, 2022

-650 Points reached in CADCHF after trying to retest the higher high of the Ascending channel again
1 mins well spent

CADCHF Analysis :

CADCHF is falling from the important resistance area in the higher timeframe Weekly chart.

CADCHF is falling from the important resistance area and higher high level 1

In the smaller timeframe 4-hour chart, CADCHF is falling from the higher high area of the Ascending channel.

CADCHF Update :

CADCHF hits the higher high area again in the 4-hour timeframe chart which leads to the SL price. The market conditions are volatile now due to the Russia-Ukraine war which creates a high demand for crude oil. Due to high demand, crude oil prices keep rising. If the crude oil price keeps rising, the Canadian dollar will get stronger. Now the fundamental economic news is driving the market.

Please note : In the forex market, technical works 80% of the time, and fundamental works 20% of the time. This time fundamental wins. Be patience and wait for the next good opportunity signal.


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