The next few weeks to a month we should have a clear break, up or down.
Below 1.141 I will remain bearish with a target of 1.05
A convincing break below 1.10 could lead to an accelerated fall to 1.07
See below a posting I did Feb 2018. This view still holds. Who knows the cycle might be completed by Feb...
The pair is still in no man's land and my view is still the same as a few days ago with no break either way , yet.
I am taking the wait and see approach at this stage.
Technically is looks like a short but there might be more upside if I look at the shorter time frames that seems to be forming a bulle flag but the daily candles is not looking pretty from a...
I Will be staying with the short and long term trend which is downwards.
Short from 57.5 to 58.2 - then wait and see if it can break 61 should it even break 60.
See below for a long term view which I posted Oct 2017 - Almost 2 years ago. My view still stand that it will break below $26 in the next 6 to 12 months
See commentary on the graph
I am pro the short at this stage but i am keeping an open mind for a potential cup with a handle forming.
I will feel more confident once 1.317 is broken with a daily close below this level
Keep your eye on the oil price- If WTI breaks below $50 the canadian dollar will show weakness, so USDCAD will make new highs
This pair is oversold and just put in the lowest weekly close since 1985! A 34 year low
The previous low just post brexit was 1.2166 and the all time weekly close low is at 1.064 in March 1984
Next weekly close levels back in the eighties was 1.1985 , 1.1915. If 1.19 is broken it will go down to 1.12 to 1.14
I believe it will retrace back up from levels close to...