Tradeciety

Market top or consolidation?

FX:USDCAD   U.S. Dollar/Canadian Dollar
161 0 3
As a trader which pair he is watching and the USDCAD             will be on almost everyone's list.

The recent run-up has been very strong and it is now facing a road block. The USDCAD             completed its Fibonacci sequence. At the same time, it briefly dipped into a supply zone which also coincides with a resistance level.
---> MAJOR OBSTACLES

From a fundamental perspective, the consolidation makes sense. China hasn't shown a major loss in a few days and Crude oil's super sell-off has slowed down as well.

I will link out indices analysis below - keep in mind that once indices break lower we could see more risk aversion which would help the USD. However, as long as the indices hold, the short idea could play out for the USDCAD             - short term.

I mark this chart as Neutral. Although I am bullish over the longer perspective, I am more bearish on a shorter timeframe.
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