are bears went ahead of themselves ??? Or maybe much lower levels are waiting for us ?
So far, a reaction around an important level based on the daily chart ... profit taking ahead of CAD CPI ?
Intraday Longs 1.31 / 3090
Stop below 1.3075
Target 1.3065 / 75
Price failed to complete a fractal on 2 weekly chart and is moving away from it. Things started to go wrong in July last year...something to do with Brexit and this "wrong bias" keeps going...
We see accumulation above the failed fractal and price is likely to push higher making higher high.
THIS IS NO TRADE SETUP BUT GENERAL OUTLOOK TO IDENTIFY LONG TERM BIAS....
USDCAD - Technical and Fundamental View:
Dollar Fundamentals view:
- Either way there will be further stimulus I am longer term bearish on the Loonie.
- We do have the elections, if Trump goes through and depending on takes over the senate as well is key there will be further reflation trades that will be very interesting to keep in mind and I expect energy...
A quick analysis into the Loonie supporting the bearish picture:
1- The pair broke below the 50 SMA.
2- The pair broke the higher highs higher lows pattern.
3- The pair broke the ascending trend line.
Next target is the 38.2% at 1.3150.
From last 5-6 Days, CAD Moving above Horizontal Support & Now, Getting Ready for Upside Move 📈
Keep Your Eyes on it 👀
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Here's the link to see the beginning of this analysis:
Follow up analysis:
So far, so good. Currently, my analysis and targets remain the same, I reckon if it can stay below the major daily trendline, USD will keep falling deeper to 1.295, and my final long-term...