quantguy

Candadian Dollar Still Can't Keep Up

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FX_IDC:CADUSD   Canadian Dollar / U.S. Dollar
Largely a function of what crude oil is doing, the Canadian dollar simply cant keep up, even despite the rally in crude earlier today. Further, weak jobs data does not help.

Although we have a nice 0.7403, the slope of the upper bounds steepens indicating the bears are awake. Also, there is a "dark cloud cover" candlestick pattern indicating a level was tested and rejected. Finally, with a finer time scale we see what looks to be a head and shoulders pattern forming. There is strong resistance from the Ichimoku cloud from above as well. The MACD / RSI indicate a strong downtrend.
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