SteynTrade
Long

USDCAD on either side of the cloud

FX:USDCAD   U.S. Dollar/Canadian Dollar
The weekly USDCAD             show that price corrected straight through the pitchfork average taken from the start of the up move wave. Price found support at the SSB             together with the 'CS finding support on the opposite side of the cloud. Price seems to be forming a ABC correction of the down move. The 'CS is again at the opposite side of the cloud and a bounce would mean that price would trade up to the 38% Fib level of the down move. This coincides with the bottom of the pitchfork , the 'CS correcting back to past price and the flat SSB             . The yearly pivot point has also been tested and we could expect a retest. The flat SSB             is a strong price level that the market will respect. Once the flat SSB             is reached we could expect the down move to continue.
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