CADJPY Not an overall reversal but prolly retracement?
BOC coming near and most of the currencies having this comdoll as a base or counter losing against the other side currency example
USDCAD
, it all give us some hint that market participant was dumbing loonie before its meeting. It may have retracement upward but overall deciding for now the overall market reversal might have fewer chances before the BOC meeting which market participants aren't feeling good about seeing the market sentiment on this cross pair we can say. We can have an eye on this pair this new week and examine how price action behaves. Technically those red and green lines on the chart are areas of interest which serve as support and resistance and those level hold some weigh as the price will respect them. Talking with weekly pivot point man! price was too savage last Friday which breached through weekly s3 of the pivot. Price taking breath for now @ 80.68 and it seems more then half % has already been priced in before the BOC meeting by market players at this point which let me think at least once that 80.68 level might hold price for a while and short retracement upward around 30.20% Fibonacci retracement level or even 50% might be a scenario depending on how market players sentiment changes between the time horizon of current to actual meeting release of BOC. Are you a range-bound market environment lover? Honestly, did you care about the light blue rectangle box yet? hehe.. :) If price repeats or respect this market environment man it will add some sugar on this retracement plan! Break lower with strong bearish momentum from 80.68 or 80.079 should signal us weak comdoll and further continuation lower of price ignoring the retracement probabilities.
USDCAD
, it all give us some hint that market participant was dumbing loonie before its meeting. It may have retracement upward but overall deciding for now the overall market reversal might have fewer chances before the BOC meeting which market participants aren't feeling good about seeing the market sentiment on this cross pair we can say. We can have an eye on this pair this new week and examine how price action behaves. Technically those red and green lines on the chart are areas of interest which serve as support and resistance and those level hold some weigh as the price will respect them. Talking with weekly pivot point man! price was too savage last Friday which breached through weekly s3 of the pivot. Price taking breath for now @ 80.68 and it seems more then half % has already been priced in before the BOC meeting by market players at this point which let me think at least once that 80.68 level might hold price for a while and short retracement upward around 30.20% Fibonacci retracement level or even 50% might be a scenario depending on how market players sentiment changes between the time horizon of current to actual meeting release of BOC. Are you a range-bound market environment lover? Honestly, did you care about the light blue rectangle box yet? hehe.. :) If price repeats or respect this market environment man it will add some sugar on this retracement plan! Break lower with strong bearish momentum from 80.68 or 80.079 should signal us weak comdoll and further continuation lower of price ignoring the retracement probabilities.
Comment:
Comment:
That was a nice try by loonie. Price is respecting so far the 80.689 and we have new week pivot levels. We can see right around the last week pivot level s3 there is our new pivot point where 38.20% fib retracement + descending channel upper trendline which may act as resistance + 81.577 last time swing low which in combination make this level looks very important area of interest overall where price may hit if it is overall retracement. We can see at the Asian session so far how beautifully price bounced from 80.683 and hit above 23.60% fib retracement level but couldn't make 38.20% and above. The bull needs more power to overall make this pullback upward work. let see how it goes
