For those that missed yesterday opportunity to buy the dip, there might be a last this week.
Clear RSI divergence and USD is clearly oversold. It has broken the long term up trend, but it has held its strong 1.30 support. Compared to the USDOLLAR INDEX, USDCAD is after a long time trending lower that it used to and there might be a correction to this! 1.2915 is probably the best support, which if clearly broken, it could signal the beginning of a bigger downtrend for the pair.
Because many news are coming out today and this week, we'll be able to get a clear view about the market's direction direction. Most pairs are about to decide which direction they are going and that will probably be done by the end of the week. Most are unclear, but the downside for the dollar for most pairs is about 1-2%, before reversing the trend.
Clear RSI divergence and USD is clearly oversold. It has broken the long term up trend, but it has held its strong 1.30 support. Compared to the USDOLLAR INDEX, USDCAD is after a long time trending lower that it used to and there might be a correction to this! 1.2915 is probably the best support, which if clearly broken, it could signal the beginning of a bigger downtrend for the pair.
Because many news are coming out today and this week, we'll be able to get a clear view about the market's direction direction. Most pairs are about to decide which direction they are going and that will probably be done by the end of the week. Most are unclear, but the downside for the dollar for most pairs is about 1-2%, before reversing the trend.
Comment:
I am thinking about opening a long, much later, around 1.2835. To me the dollar isn't oversold in its two famous indexes and has room to go down. 1.2835 might be a good bear trap with high Reward to Risk ratio