You can call it a rising triangle if you see the pair bullish
You can call it a head and shoulder if you see the pair bearish
There are flaws in both setups ultimately on the last move down volume drop unpleasantly a thing we don’t want to see on a head and shoulder right shoulder drop but it can still pick up after it break the neckline.. possibly
The triangle here can be a reversal of the local downtrend in which macro-economically cad is bullish anyway.
Fundamentally, on contrary to historical configuration, of usdcad being negatively correlated to crude oil and as crude is bullish and will be ( since rising oil prices is expected during any global reconstruction for evolution they want for us) placing usdcad bearish. The States produces more self oil these days than cad gives us so this old historical approach to trade cad isn’t as solid and I’m sure many investors who are study in yesteryears will get liquidificated here
So what we would like to see is manipulated of buyers and sellers! As we can wait for the aftermath of it as our entry
It’s too sweet for the market not to hunt buyers. Whom will buy this 4 touch on a trend line I’ll be waiting to see how the market hunt them
Likewise it’s also easy to see the market hand price out the low on Monday or Wednesday and then suck it up after the major trading hours etc hunting sellers
Stopping both out and then going up to break higher will be a delightful sight as we just love to see ppl get liquified only cus they love to do it. And they do it all the time and just thinking of how much liquidity is made during the process is unbelievable and it’s these things we appreciate understanding cus it’s the gas in the markets engine and the more one waits for it and trade after it the odds are for them to succeed in these markets exponentially!
So let’s see how the outcome plays out here
You can call it a head and shoulder if you see the pair bearish
There are flaws in both setups ultimately on the last move down volume drop unpleasantly a thing we don’t want to see on a head and shoulder right shoulder drop but it can still pick up after it break the neckline.. possibly
The triangle here can be a reversal of the local downtrend in which macro-economically cad is bullish anyway.
Fundamentally, on contrary to historical configuration, of usdcad being negatively correlated to crude oil and as crude is bullish and will be ( since rising oil prices is expected during any global reconstruction for evolution they want for us) placing usdcad bearish. The States produces more self oil these days than cad gives us so this old historical approach to trade cad isn’t as solid and I’m sure many investors who are study in yesteryears will get liquidificated here
So what we would like to see is manipulated of buyers and sellers! As we can wait for the aftermath of it as our entry
It’s too sweet for the market not to hunt buyers. Whom will buy this 4 touch on a trend line I’ll be waiting to see how the market hunt them
Likewise it’s also easy to see the market hand price out the low on Monday or Wednesday and then suck it up after the major trading hours etc hunting sellers
Stopping both out and then going up to break higher will be a delightful sight as we just love to see ppl get liquified only cus they love to do it. And they do it all the time and just thinking of how much liquidity is made during the process is unbelievable and it’s these things we appreciate understanding cus it’s the gas in the markets engine and the more one waits for it and trade after it the odds are for them to succeed in these markets exponentially!
So let’s see how the outcome plays out here