important pivot point location

FX:USDCAD   U.S. Dollar / Canadian Dollar
this location on usdcad is important
1) EURUSD , GBPUSD , USDJPY , USDCHFthese 4 majors are strong dollar
2) USDCAD is strong cad, overriding USD strength
3) it may be the commodity relationship, AUDUSD and NZDUSD are being sandwiched between the flows of the commodity relationship vs USD strength

so watch next week, there is NFP watch if USDCAD confirms support or breaks support it hence this area is key and important.

market gapped down, implying possible confirmation of strength, and daily looks extremely bearish
for anyone interested, this is not pure technical analysis, there is actually inter-market analysis involved, the basics of dow theory and how money flows. technical analysis tells us what happened, its up to us to detect if there are anomalies, in this case, USDCAD diverging from dollar strength, indicating possible USDCAD / OIL fundamentals in the works. and this pivot is important because market called it important. market showed its hand in the momentum. 1 way is to check oil and oil counters. in fact market is strongly testing the boundary.

it takes alot to move the USD, and when CAD can move against the USD like that, it takes even more momentum and it requires situations which are very very critical and fundamental changing.

btw, your welcome to say technical analysis is a lie, i don't blame you, because traditional technical analysis is different from whats present today. the main fallacy is the prediction you impose on it, all those indicators are trying to measure is how much is volatility, and how much is momentum is there. but if you studied technical analysis, and actually did get to talk to actual real traders who are profitable, technical analysis and fundamental analysis are just only a small small component of the reason why they are actually profitable. 1) the edge lies in how they manage their trades 2) money management, 3) psychology.

end of the day, you are welcome to say technical analysis is lie, it just says your understanding is either incomplete or you subscribe to the predictive type which has been proven wrong time and again.
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