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    Usd/Cad – A Retest of 1.30 Level Expected|Influencer Forex Analysis•Jasper Njuguna

    Abstract:During this week trading session, market speculators would be expecting a further drop extension as we see a visible bearish pattern formation of a heads and shoulder with a confirmed test of the neckline and during the Monday trading session, market participants, are once again looking to retest the neckline range.
    Lark20201019-110038.png

      During this week trading session, market speculators would be expecting a further drop extension as we see a visible bearish pattern formation of a heads and shoulder with a confirmed test of the neckline and during the Monday trading session, market participants, are once again looking to retest the neckline range.

      Price structure is trading below the 50 day moving average as market speculators are targeting the 1.30 and 1.2965 price handle level will be looking at the band to hold on as dynamic resistance line and also as a focal confluence area or zone for trade setup for sell orders or limits since if any unexpected bullish drive past this technical confluence then, it would be considered a change of market sentiment.

      2 day chart;

    image.png

      The H4 chart below offers a good entry probability as market participants look at last Fridays trading session high and the hour four 200 moving average band being a confluence order block zone.

      4 hour chart;

    image.png

      Of course, ones discretion and risk management is advised.

      Jasper Njuguna is a self-taught discretionary financial markets trader. With cumulative 5 years experience trading the markets and out of which, one and a half years of that as a prop trader, trading large and mid-cap American equities at one of the DAY TRADE THE WORLD offices.

      Prior to switching career interest to trading, I have 9 years of experience in senior management roles driving small to large business development and B2B relations in creating and implementing; learning & development solutions, programs, organizational strategies & frameworks, and blended learning approaches for companies and institutions in Africa.

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