Good news has helped the CAD bounced off a double bottom today. Next upside target R3 at .79500. Possible bearish Shark pattern developing. USD still creating massive Head and Shoulders which if it comes, will help fuel CAD to Shark completion. CAD fell from H&S last month, then went into a three drives pattern and double bottom yesterday. CAD also crossed the 20 day moving average and could now be used as support if uptrend continues.
Comment:
CAD shook off downside pressure from USD. The turn back on the American dollar appears to be showing further downside for the green back. R3 is target for bulls on the CAD. R1 becomes support at .78575
Comment:
We are still predicting a H&S on the USD. There might be some downside to CAD before the final move for USD. CAD holding its own right now. Lots of pointy tails on USD but bullish move continues to be haltered. A lot of buy protection coming in at .78505 previous pivot point for the CAD. R1 still support at .78575
Comment:
CAD slipping through pivot today. Headed for S1. S1 would make a triple bottom and possible point to move back upwards. USD on the 15 minute created a double top for the day. Could be headed for 94. This would bring it inline with the other shoulder. Watching for fail to send CAD back up. Triple bottom for CAD would be the final point for a three drives scenario.
Comment:
S1 is at .77435 for Dec.
Comment:
USD shooting start foretells a possible end to the upside. The top of shoulder 2 may now be in place. Monday will show better direction. CAD coming to the last part of the three drives.
Comment:
CAD in holding pattern. USD hammered and created a bullish Flag. We may see more lower numbers to the CAD.
Comment:
USD fails to climb higher. We may have an H&S yet for CAD to move up on.
Comment:
Continued upside on the CAD. USD was pushed back on a bullish move today. Next upside target for CAD is .78930 at R2. PIvot at .78005 becomes support
Trade closed manually:
Moving onto next contract month.
