FX:USDCAD   U.S. Dollar / Canadian Dollar
USDCAD, 1 Hour.
Elliott Wave - suggests corrective waves (we're basically at the end of the B leg at the time I'm writing this), it might form an advanced pattern to go short. But nothing is complete yet, I'll update this topic when I see changes in the market.
News - RBC (Royal Bank of Canada) as well as other banks changed their mortgage rate (they actually increased it) and investors might not like this, causing a small devaluation of the canadian dollar . According to these news, the pair would do a upward move.
USDollar - We can also see that the US DOLLAR INDEX ( DXY ) is going up and almost touched a 14-year old high today (November 16th). So theorically, the value of the USD is increasing, and the value of the CAD is decreasing a little bit.

I might go for a short-term LONG position, from B to a little bit higher than A, than take profit (SL just below 5). But to be honest, with the USD going up and CAD going down, I think the currency rate won't be so good for Canadians. ( USD/CAD going up on a long-term).
Comment: In fact, the pair DID form an advanced pattern formation. By the time I wrote this short-article, the formation of a bearish Cypher pattern occured. The points weren't positioned properly but the idea was there.

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out