ridethepig | CAD for the Yearly Close
📌 @ridethepig G10 FX Market Commentary - CAD for the Yearly Close
A very good time to update the CAD maps as we approach the key 1.27xx pivot areas. For six years this level has been relevant and has convinced me it cannot easily be done away with. Since the overwhelming pressure on USD remains, what we are talking about here is likely a flash crash of some kind, I maintain that the positional sweep towards 1.20xx and 1.14 is within reach and losing this key pivot will make it easier to come to terms with.
For those who remember the infamous Oil breakdown, the chart is always worth looking at for collateral moves in energy and commodity currencies. CAD in the wider sense will have large inflows from the Biden victory as an immediate and defensive position. The move somehow brings 2022 into the spotlight as very major low forming, the result of that will grind Canada to a halt for a number of years.
You can see on the technical side that again we are keeping things simple, a breach of the pivot will open a waterfall towards initial targets of 1.206x and extensions below at 1.138x. We will dig a lot deeper into the macro pictures and charts once we get these maps out the way with.
Thanks as usual for keeping the feedback coming 👍 or 👎
A very good time to update the CAD maps as we approach the key 1.27xx pivot areas. For six years this level has been relevant and has convinced me it cannot easily be done away with. Since the overwhelming pressure on USD remains, what we are talking about here is likely a flash crash of some kind, I maintain that the positional sweep towards 1.20xx and 1.14 is within reach and losing this key pivot will make it easier to come to terms with.
For those who remember the infamous Oil breakdown, the chart is always worth looking at for collateral moves in energy and commodity currencies. CAD in the wider sense will have large inflows from the Biden victory as an immediate and defensive position. The move somehow brings 2022 into the spotlight as very major low forming, the result of that will grind Canada to a halt for a number of years.
You can see on the technical side that again we are keeping things simple, a breach of the pivot will open a waterfall towards initial targets of 1.206x and extensions below at 1.138x. We will dig a lot deeper into the macro pictures and charts once we get these maps out the way with.
Thanks as usual for keeping the feedback coming 👍 or 👎
Trade closed: target reached
