capitalpropertiesfx

USDCAD bears still in control

FX:USDCAD   U.S. Dollar/Canadian Dollar
138 1 2
This pair has fooled me twice in the last couple of weeks, so - shame on me! But nevertheless, I'm still looking for a bounce higher here, around current levels and I remain bullish all the way down to 1.05800. If that one goes, then I might reassess my bullish outlook.

I'm not hoping to see any significant move higher today as US markets are closed but next week, this pair is definitely worth tracking.
I am still short on the monthly chart following a Butterfly pattern completion and rollover from March this year, but we have hit the 38 fib and previous resistance high from Oct 2011, which also happens to be the 'B' point on the Butterfly, so I have entered a long position in anticipation of a bounce here. Yes it is a counter trend trade for me but I am greedy.

Good luck my friend.
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