APInvestment

USDCAD Daily Perspective

FX:USDCAD   U.S. Dollar/Canadian Dollar
The daily chart shows recent higher highs and higher lows, how ever the new higher high failed to reach January and March peaks thus creating a bearish engulfing formation. However we do need confirmation of a reversal in order for our short bias to come in play. If we zoom into the lower time frame (1HR) we can see a wedge/pennant forming. Price has currently found support around 1.266 area. A close below this can lead us to potential targets of 1.52. If price holds above this we would consider this as a short term corrective with long targets of 1.2786 - 1.2838 (Jan and March Peaks). Any suggestions welcome.

TRADE UPDATE 13/07/15
Daily high of 1.2789 reached our long target of 1.2786
Correction on the chart label
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APInvestment APInvestment
Higher highs and higher lows
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D'accord. USDCAD looks heavy. After a strong run USD will show some weakness against many pairs in the weeks to come. Neither DXY nor USDCAD might see recent highs again for some while:
rates lift off to be later, growth to be weaker (strong USD being one reason) ...
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