At current point
1-Daily Resistance Level (strong)
2-Long TERM Trendline Upper Channel line touched (red)
3-High Divergence = Exhaustion (MACD)
4-Parallel hourly channel upper line touched (violet)
5-Correctional ABC pattern
Possible retrace shown by red arrow.
With that many bearish indications, I would stay aside and hot jump into a long position. However, for the long term I believe there will be quite a long ride ahead of us. It is just not the time yet. I expect the Oil has some more way up left as well. We shall wait for a sharp drop in Oil and positive signs to accumulate for the USDCAD to commit long term long.
1-Daily Resistance Level (strong)
2-Long TERM Trendline Upper Channel line touched (red)
3-High Divergence = Exhaustion (MACD)
4-Parallel hourly channel upper line touched (violet)
5-Correctional ABC pattern
Possible retrace shown by red arrow.
With that many bearish indications, I would stay aside and hot jump into a long position. However, for the long term I believe there will be quite a long ride ahead of us. It is just not the time yet. I expect the Oil has some more way up left as well. We shall wait for a sharp drop in Oil and positive signs to accumulate for the USDCAD to commit long term long.
Comment:
As I said on previous remark, the Oil drop is there and looks sincere. USDCAD reacted to the drop positively. Time to enter long for LONG term. With many bearish indicators, it was a clear breakout and a good one indeed. I am in for long term (hopefully).
Comment:
Chart beloe, showing entry point. This is a long term commitment, unless there are drastic events changing it. Yesterday's FED news about possible rate hike in June will keep USDCAD rising IMO.