December Canadian Dollar may be in a long term head and shoulders. The last two pivot structures used S1 as a support area. This may continue out until November where we might see a fall to .76275
Comment:
CAD continues down moving closer to neckline of possible head and shoulders. Downside target .78870
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Canadian dollar falling off of a Bearish flag heading south. Target is .76275 New pivots will be created soon and should put pivot around .78750 dropping S1 and S2 down. Support 2 (S2) should come in around .7654
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New pivots formed. Was close to estimate. Pivot now .78510 and next upside target
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CAD hit target. Now falling again. Projecting long term target .76250 Next short term target .77350 S1 support.
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CAD turned around from its retracement. Next downside target at .77360
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CAD to move further down as USD showing signs of another up move. Double bottom for CAD possible at this point.
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Comment:
Downside target for bears is S1 at .77360
Comment:
USD created a Harami pattern today and appears to be trying to build a H&S still. CAD bought back some of its decline. We may have found a bottom for CAD.
Comment:
CAD may be moving into a 3 drives scenario sideways. Looking for downside to .76250
Comment:
CAD was a head scratcher today. USD fell drastically, but CAD didn't move.
