CAD - LT/MT Idea!
We have a lot of dollar buying end of flows, end of month. We saw that in most of the majors shifting. What's really key to me is we are seeing US data take a hit US indices, it is time to take into consideration what could happen next with the FX majors. Here's a glimpse of what I think of CAD:
This chart is based purely on Technical aspect.
Currently we within the ranges - Highs: 1.37355 & Lows: 1.32485
A break of highs, we could be forming the pattern W / Break out of wedge/triangle formation
Target areas: 1.38885 & 1.41290
A break of the lows, we break below 50EMA + break out of pattern takes us to 200 EMA + TL
Target areas: 1.30270 & 1.27955
Take into consideration of other FX minor pairs such as CADCHF - Stuck within range, ready to break! There are great opportunities out there for us traders to take advantage, of.
Trade Journal
We have a lot of dollar buying end of flows, end of month. We saw that in most of the majors shifting. What's really key to me is we are seeing US data take a hit US indices, it is time to take into consideration what could happen next with the FX majors. Here's a glimpse of what I think of CAD:
This chart is based purely on Technical aspect.
Currently we within the ranges - Highs: 1.37355 & Lows: 1.32485
A break of highs, we could be forming the pattern W / Break out of wedge/triangle formation
Target areas: 1.38885 & 1.41290
A break of the lows, we break below 50EMA + break out of pattern takes us to 200 EMA + TL
Target areas: 1.30270 & 1.27955
Take into consideration of other FX minor pairs such as CADCHF - Stuck within range, ready to break! There are great opportunities out there for us traders to take advantage, of.
Trade Journal
Comment:
1.38 reached - Key resistance!