Sforex
Long

Loonie: FA doesn't support Loonie, BUY through YEAR HIGH.

FX:USDCAD   U.S. Dollar/Canadian Dollar
176 4 3
Last Friday, Canada employment report sent a RED alarm to Loonie. I anticipated data would be negative and BUY ahead the news, but unfortunately, it seemed USDCAD             ignored FA and was muted at 1.3360

Moreover, OPEC refused to cut production despite of global glut.

Fundamental doesn't support Loonie currently.

Last week, 5 trading days is 5 doji stars on the chart. What does this reflect ?

That is the hesitation of traders. Obviously, FEAR is controlling them. It needs a strong catalyst to drive USDCAD             through YEAR HIGH.

While USDollar             bounced aggressively from 12 year high, clearly traders have right reason to don't dare drive USDCAD             higher.

A wedge pattern on the price action and RSI indicator, and both are contacting the end point of wedge pattern.

A breakout incoming.

In my opinion, I think USDCAD             should break the year high and first test 1.3500

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aeu.webmaster
a year ago
excellent post, i need to remind myself to check dailyfx more often lol
Reply
FXKOPPA
a year ago
could you please give more details on fundamental analysis to further for loonie.
if it breaks 1.3689 than next target would be 1.3924 , if you comment as fundamental analysis more welcome
Reply
FXKOPPA FXKOPPA
a year ago
I see a decline till 1.3572 before testing again 1.3689
Reply
simsekrecep
a year ago
What's next???
Reply
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