USDCAD has been on an uptrend since July. It has formed nice ABCD pattern with BC leg at 0.6 and D extension hitting 1.6. hitting the upper trend channel. Looking to the left of the chart, we can see it was close to the previous major support zone back in 2009 before price USDCAD made a major huge drop. This is an indication that the pair has a higher probability to move lower in the coming weeks unless price closed above 1.17152 level. Hence I will start looking and post any shorting opportunities in lower time frames.
Comments
Highcrunch
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Hi Moneymaking, I like your handle:) Actually I am not fully convinced that it is making a reversal yet but its definitely on my radar. From technical analysis perspective, its giving warning signs that going long is probably not a good idea at this time.
moneymaking
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Hey highcrunch, Looks like a great opportunity with resistance and channel conformation. Thanks for sharing.