FX:USDCAD   U.S. Dollar/Canadian Dollar
333 2 24
8 months ago
...
8 months ago
Comment: any comments ?
8 months ago
Comment: PRZ ENTERED
https://www.youtube.com/watch?v=VLO4IeRb-lA&list=RDVLO4IeRb-lA#t=294
archiki
8 months ago
:-)
Reply
kiwiwalnut
8 months ago
IMO - 1.300xx was a key psychological, recent support / resistance level and also .618 fib level. Price action appears to have pulledback to same 1.300xx mark and shows very early signs of dropping towards bottom of downward trendline - completing your pattern.

Recent news and sediment also supports an upbeat CAD with jobs data showing an impression figure over forecast - this could feed into the news release of the upcoming rates decision this week where banks may raise growth forecasts as inflation expectations rise on the back of employment data. With no major USD announcements between market open and CAD rate decision to counter sediment of this pair - my bias is definitely bearish - especially on the backdrop of USD 'weakness' and Fed's concerns over global outlook favoring stability prior to increasing interest rates.
+1 Reply
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