USDCAD: Interesting patterns

FX:USDCAD   U.S. Dollar / Canadian Dollar
Adding a 22 period CCI to the chart and a 11 period moving average of highs and lows we can see how oversold USDCAD is.

Right now, the next hurdle is the level at 1.30113, which if breached might lead to a repeat of the pattern we have to the left, where CCI also dipped into new momentum lows compared to the past month.

I added a replica of the previous decline to illustrate the similarities. This time the global picture is different and we might see an even sharper selloff but only if Crude oil reverses more meaningfully than the last time.
If we don't get a move past 1.30113 very soon, I'd be tempted to look for longs, but not yet.

Verdict: Neutral, too late to short, too dangerous to go long.


Ivan Labrie.
Time at Mode FX
Oct 20
Comment: Followed the path to the tick so far. Monitoring for now.
Nov 09
Comment: This is rather precise...
If you're interested in joining my trading newsletter or private lessons, message me. I trade Forex, Crypto, Equities and Commodities. Contact me here or @ http://www.fb.me/LabrieTrading


Very interesting mate, thank you for sharing :)
+1 Reply
Approaching the decisive swing pivot low.
Let's watch it closely.
Also, monitor oil.
+1 Reply
Following the forecasted path.

Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out