ChaosTrader63
Short

The USD vs CAD Remains In A Correction

FX:USDCAD   U.S. Dollar/Canadian Dollar
295 2 8
The Loonie Toon has been in a major decline vs the USD since 2011 and 2014 seeing the decline increase rapidly, but currently the pair is in a correction and the CAD has gained some strength since January 20th. The current news from Federal Reserve Chair Janet Yellen indicating that further rate hikes could be delayed may also give the CAD some strength as the USD weakens which leads me to my point. Since this current correction from the high of 1.46892 on Jan 20th down to 1.36385 on Feb 4th the pair has had a tough time moving away from that point. There is previous support at 1.38150 and price is hanging around this area, I'm looking for price to violate the previous support and continue the slide to the downside based on the market bias and current market structure. Ichimoku long term bias is still bullish but the mid term bias of the Kijun points to bearishness. Once price has violated the Kijun this is usually an indication of possible change of trend direction. Price is sitting between two daily fractals and we have barely violated the daily bear fractal so technically the market remains bullish . Now looking at the past 4 daily candles outlined we can see price rejecting the move higher as bears attempt to come into the market and move this pair below the current support level . I'm short-term short on this pair as I'm looking at the bears possibly pushing price back down to the 1.3740 level before we really see what is going to happen with this Loony pair! Have a great trading week and God bless! Visit me at http://www.fxatoneglance.com
ALWAYS NICE ANALYSIS. GOOD JOB...
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Price has dropped nearly 116 pips today since this analysis but we are seeking out 1.374 and then we will see if this market is a serious bear!
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