FX:USDCAD   U.S. Dollar / Canadian Dollar
44 0 0
This is the line which would challenge the Bulls a great deal in my opinion. There is lots of enthusiasm to make more quick buck on going long on USDCAD             by some traders, however common sense and over 15 years of experience looking at charts tells us that a Resistance of that importance can NOT be easily broken, at least NOT at first trial, like where we are now. Besides, lately Brent Oil             is going down however there is huge accumulation on the leg down, meaning there is some strength. Oil             can go both ways and when it goes it will be strong and fast (Our bet is that oil             will be going up for some limited time as a part of current correction). Now considering this fact and that USDCAD             is highly correlated with oil             , it would be a very high risk to enter long on this pair at the current moment. Positions which have already been taken at lower prices may still stay in position but with close watch for a reversal signal, which isn't there yet (except divergence and wave count at multi timeframe levels, which alone shall never justify a market turn). Just watch the very important line as shown on the chart. Regards.
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