Fundamentals:- The jobs data for the US was worse than expected and the unemployment rate notched up a little. However the Average hourly earning did manage a slight uptick. Canadian data showed progress in employment but Oil is down on the week.
Technicals:- We have a nice head and shoulders pattern formed on the 4 hour chart and Oil although is lower on the week is banging up against a rising trend line. I will be looking for a pull back to the marked previous support and resistance area for a sell entry going against other analysts expectations next week. keep a fairly tight stop loss
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Trade was triggered at suggested entry. I have now moved the stop loss to break even
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Moving stop loss to 12796 locking in 22 pips
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Moving stop loss to 12790 locking in 28 pips
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Moving stop loss to 12750. check out the full analysis and get the signals from the website boafx.com
Trade closed manually
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The price is starting to reject the 12700 level so I am taking profit at 12701 +117 pips
On the 4H there may also be a Head & Shoulders. I'm no expert at drawing H&S, so do forgive if it's wrong. I tend to look for the pattern and focus less on accuracy. There seems to be one left shoulder and two right shoulders. Price could return to test the neckline, but it doesn't have to.
Captain_Walker
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This is gonna be an interesting one the fight between USD and CAD. Which part of the pair will decrease in demand more (if heading south)? Anybody's guess. I don't do guessing.
The weekly picture shows price struggling and heading back south in a fragile zone of support-resistance.
There is also the possibility of a rising wedge on the 12H chart, which could create probability for the south.