Price have been in an upward trend. Creating higher highs and higher lows until it broke below the supporting trendline. It did a retest of the broken support now turned resistant. It has failed to create a higher high. Could this be the start of a down trend?
USDCAD did a little corrective move to the trendline and also did a retest of the support level that was broken. This support now turned resistance also coincides with the 38.01% fib retracement level. So a continuation of the downtrend should be expected.
Price broke below the supporting trendline yesterday but now back in the channel. Price is currently consolidating at the supporting trendline and the 20EMA is also acting as support so my bias is to the upside
CADJPY is in a bullish flag pattern after getting to 80.609 resistance now turned support level. A breakout from the flag pattern to the upside will mean the price will get to the next resistance level which is at 81.755. As you can see the 20 period EMA is acting as support right now. So my bias is to the upside.