It is undoubtedly on of the strongest trends around, so well defined that makes you think "it can't happening" for more than a year now.
Looks almost ready to break the bear flag and dive, giving the $USDCAD the edge it needs to break it's respective triangle upwards. Although very famous triangle the last few weeks, data from Etoro - www.forex-tribe.com -{ true...
I'm still bear here. Price has not been not able to close strongly below the down-ward sloping median line and found support. It has then moved up nicely along the reaction line (blue line) and towards the upper parallel. I will wait few more days for the price to move higher. This is also a significant Fib retracement between 13 June 2013 high and 05 July 2013...
As reported in my previous study on the monthly chart the Loonie is coming out of a 2year triangle formation. A Bear flag has formed at the down-sloping median line on the daily chart. A trade below the pivot low will confirm the sell signal with first target objective 0.92.
Major ABC pattern between March and May has set-up a continuation of the down trend for the Loonie. Currently testing the upper down sloping parallel line. Another green bar or higher high on monday the 10th of June would be ideal to enter the short position.
I'm currently making profits shorting almost every market but this one could be a bull. CAD retraced to an interesting Fib level. The upward sloping lower parallel is acting as support. A buy above today high could give high probability entry. Once triggered 0.99 level has to be monitored carefully.
Amid the mass depreciation of various global currencies, the Loonie has stayed relatively stable over the past few years. As a commodity proxy it should have the wind at its back through this current 17.5 year 'fear' cycle and that ought to continue until this cycle comes to an end. At present, austerity from Europe, fiscal cliff's in North America and now an...
