FX:USDCAD   U.S. Dollar/Canadian Dollar
It's not over yet for the UC             bulls.

Fundamentally, market conditions have not changed too much despite the sell off in USD the last few weeks. Yes, data was disappointing, but in terms of U vs. C, these two items still remain:

1. Oil             has yet to find a defined bottom.
2. Divergent policies banking between the USA and Canada.

Though, I do believe we maybe reaching the tail end of this uptrend, there is nothing fundamentally significant so suggest that we will not see the peaks again nor surpass it.

Technically speaking, moderate E. wave count suggests we are finishing wave 4 of a 5 wave impulsive. I was not sure how far we would fall in wave 4, but we have the following:

1. Ichimoku rejection
2. Fibo .382 rejection
3. Spinning top , RSI suggest majority of selling is complete

Certainly, we may drop further, but I believe the price will maintain its long course through this pitchfork . Should the fork break convincingly, that will be the strong bear confirm.

The ride back up will hopefully surpass peak 3. I do not believe it will hold at that price level for long, at which point begin looking for shorts.
Comment: 1.40 continues to be the resistance point on this upswing. A convincing break of this level is needed.
Trade active: Added @ 1.3580
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out