The initial move down was grandiose which, however, was not strictly able to test the 0.690x lows. Sellers would have won the battle easily and continued the breakdown via weaker CAD fundamentals.
=> Instead luring unaware buyers into a compression range to later suffer from an embarrassment of a further breakdown. Tracking closely the 0.695x support, we all know about the diversionary role that CHF plays in risk, so I shall refrain from further comment.
With the clash certainly decided over the coming 'hours' the configuration offers plenty of scope for manoeuvring from the sell side.
Thanks for keeping the feedback coming 👍 or 👎
Trailing time for those holding shorts and aiming for the lottery ticket.