themarketzone

Bearish Crab is waiting to be completed

FX:USDCAD   U.S. Dollar / Canadian Dollar
$USDCAD still didn't reach my focus zone near 1.34. Despite it recent strength is hasn't climbed enough to complete the pattern and with the $DXY             showing signs of reversal, I have to consider possible pullback before further climb.
In the chart you see two different scenarios to monitor over the next few days/weeks:

1. Pullback towards 1.28 - If the price will close below the fast SMA line it could signal that $USDCAD will head for a pullback towards 1.28 before maybe climbing higher.

2. Further push towards pattern completion - If the Fast SMA line will hold as support, I'll wait for it to reach 1.34 and then monitor possible smaller time frame reversal patterns to time a longer term bearish position

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