TRDVMA

How likely is it that USDCAD is going down-Part3

FX:USDCAD   U.S. Dollar / Canadian Dollar
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This is the final analysis (part 1 and 2 can be found on Brent Oil chart and US Dollar index chart).

We see:
-Negative Divergence in between Points C and S (on chart) at MACD
-Price touching 200 days MA from the bottom
-Price is at a strong resistance zone (shown as dotted red line on chart)
-Larger picture shows a perfect Head and Shoulders formation
-Price reached 38.2 % golden ratio (measured from the head)
-We can somewhat see a squeezing of prices which forms a negative wedge (cyan lines)
-From first and second analysis, Dollar index is weak and Oil may go up.

Considering all of these I but bet on the down side for the USDCAD pair (for the moment)

Regards

Comment: Our Analysis was correct. We looked at all the 3 charts, namely USD Index, Brent Oil and finally USDCAD pair and concluded that there is a weakness for the price to go down. So far, the market followed what we were seeing. More updates will follow. Regards.
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