Hey guys, next week i'm going to keep an eye out for this situation on USDCAD. We've hit the 2016 lowest low and the trend has been very strong lately. As you know, every trend must retrace, sooner or later, and key structure points allow us to select certain zones in order to make educated guesses about price movement. In this case i know this level plays a key role in determining price action from now on and i've also noticed RSI oversold on the weekly (rare situation). Every sign of a reversal could be a great opportunity to make some profits. As usual, i'll let you know if and when i'll get involved.
If you have any questions or ideas to share, feel free to comment below. Otherwise, see you in the next chart!
It will be very interesting to get your take on this as there could be some nice trading opportunities to be had had to the 128500 region or even 13000 over the next 6-8 weeks. Thanks for posting! John
Roker1
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@dabird444, let's see how it plays out. At the moment i see some buying pressure but not real strength. Still waiting.