One of the main currency pairs, namely, can hardly be called very technical, especially on a small scale of the chart. We can assume that it correlates very well with oil, but even here, it’s easy to verify this by comparing both graphs. However, if you look at the daily chart of this pair, everything is somewhat more fun here, the technique (not always, though) works pretty well. For example, not so long ago, a plan was proposed to sell USDCAD from the area of 1.3310-30 with a profit in the area of 1.3230, who did not read the review, everything will become clear from the picture below:
Further, the maximum of the end of February could also be determined by the technique, although it can be said that this is an adjustment to the history of the schedule. We are building a channel, we get a point for sale, a great coincidence with the theory:
From the fact that the technique works best on a large scale chart, it follows that the profit can be very, very decent. But the question arises, how to make money on this pair right now (after all, many naively believe that you can earn at any time)? You can buy at current, you can sell, one of the options will surely be correct, and which one, only clairvoyants can tell. If you approach the solution of this problem purely by technique, then you can follow the support shown in the following picture:
Confident closing of the day below will give a sell signal. You can, of course, try other options, but the one presented in this review looks the most competent from the point of view of graphical analysis. Well, the goal may be good, in the region of 1.3030.
This review is not a guide to transactions.
Dmitry Semenov, Kalita-Finance