So on the CXY we have an incomplete Bat Pattern we see PA enterered the PRZ and was severly rejected without completing the pattern. We need the entire box to be tested before the pattern is complete. So, on the COT what we have are the Consumers and Producers buying and selling to eachother. As open interest has increased but the Non-Coms have reduced both...
CXY is coming back to retest "the ascending Channel and a significant Level of Support". We wait for Setup to align before jumping in the market.
CAD index indicating strengthening of Canadian dollar to be expected
This is my personal view of how the various major currencies will fare this week.
Okay, here is why I decided to learn and study the COT. the pattern is a bearish bat pattern with a permissible tolerance of 3% of the B-point. Its a gorgeous pattern and could possibly go long term; however, i dont see it happeneing. The pattern is showing a sell and the COT which reports the big players positions a potential buy. so i would say approach the CAD...
CXY index is showing exhaustion on the weekly chart at a zone of sensitivity. We could see the CAD fall across most pairs through the coming week possibly.
I think if the price breaks the 75.0 level it will go up to around the 76.2 and the 76.9 if he doesn't he will just go between the 71.5 : 73.8 and make a new horizontal channel guys this is without the fundamental analysis I will make an Update to this with the fundamental analysis stay tuned!
I believe CXY / Canadian Dollar index has reached a major all-time low zone and may bounce from here.
From Stochastic indicator and trend line, CAD may rise up a bit but not to far then might go to test the support line. That time is next consideration for making new order.
CXY = USDCAD upside down. Camarilla is one of the best indicators for forex traders as it reveals important hidden levels one would not be able to spot with naked eye. And since it is a leading and static indicator you dont need to flip all the charts trying to find those levels. If this thing breaks through R1 it will move higher.
As part of study of price war on Canada's market