Coronavirus is affecting oil so it's making this pair bounce around, but I think the final bounce from 1.32 (Friday) to 1.33 (Monday) was just to trap a large amount of bears and for institutions to be able to sell higher. I think the big short has started, let me know your thoughts!
As you can see the black circles show support has turned into resistance, and breakout to the long side keeps getting rejected, I believe we will make lower lows shortly. Also NFP data was bad, CPI data was bad, and CAD jobs data was good past Friday. DXY also seems to have hit resistance and dropped, Oil also seemed to have found support and should be climbing...
USDCAD has been failing to make new highs no matter the data coming out for usd or cad, keeps getting rejected. Now broke the trendline, retesting it and should sell off to make a new low...let me know what you think in the comments!
Chart says it all, also usually last 4hr Friday candle on this pair is red...lots of positive US data today, and negative CAD data, and this couldn't hold over 1.318...nice few pips here for ending the week! Let me know your thoughts!
Lots of crazy swings in oil but chart from a few days ago is still valid, we are seeing lower highs, it should eventually breakdown to the downside.
Any insight from anyone? Anyone targeting same setup?
Also trade deal seems nowhere in sight, eventually it will catch up to the markets and bring everything down..