USDCAD - top in or looming at modestly higher levels
Looking for a reversal, It may have already begun
With 1.2498 support left intact there is still room to put a top in between at least 1.2625 & 1.2655
As soon as the top is in there should be an impulsive move lower to beneath 1.2061.
A decline below 1.2448 could be the first evidence that the top is in. This together with a break of the current upward trend line will be good signals that the downward move has started.
With 1.2498 support left intact there is still room to put a top in between at least 1.2625 & 1.2655
As soon as the top is in there should be an impulsive move lower to beneath 1.2061.
A decline below 1.2448 could be the first evidence that the top is in. This together with a break of the current upward trend line will be good signals that the downward move has started.
Comment:
See below for a plausible alternative view where the move down ends around the 1.23 area
