- USDCAD is well over bough on every timeframe
- We've reached the 78% fibonacci retracement line
- USDCAD might go higher but it needs a serious correction as it's not very wise to buy when the RSI is at +85 !
- USDCAD has been consolidating since 2008 but is 0.95 really the bottom ???
- As far as the chart can go USDCAD went down when its weekly RSI touched 85....
We could very well go back to 1280/1300 region where support is very strong following the trend line. It's the end of the flag though and the end of August could well take us to much higher grounds up to the fib 618 retracement line. That's tons of potential pips for the patient one ^^
There was a freaky movement. A good thing to remember: analysis can only show you to the right destination. But banks and big funds will take the market where they want and try to wipe little investors as much as they can in the process.
Stock and RSI are indicating that USDCHF is overbought and needs correction. Also the price is at the top of the down trend chanel. It could go a bit higher but will eventually retrace to do so in my opinion.
The AUDCHF is totally overbought on the 4 hours chart beside it's at the edge of a strong resistance level. It probably needs to take a step back to try to pierce it and take it's breath after such a strong push.
1 Canada is in a bad financial situation. Add to that the end of QE in the US, the falling consumer confidence in Canada. The lack of inflation that is causing huge problems... etc etc..
2 On the other hand The CHF has remained strong for decades and doesn't have to obey the ECB like most European countries.
The big picture ? It's obviously down there...