CXY, is having trouble continuing upward in it's channel due to the micro-trend (white) visible here. micro-trends are weaker than major-trends, however, they do affect price-action as we can see, sometimes taking control from the major-trend for extended periods of time.
Cad index... But Weekly... Mind you. This is the pattern that seems to be playing out. We can still get a correction and one more down into the zone, but all the fibs measure out for a 7 swing...(From the low it just made). The "X" wave can be in different variations, but this is how everything seems to be measuring out.
Hi guy, the "Loonie" aka Canadian dollar is near a strong support weekly. This support is an ascending trendline which might announce a strong rebound of the Canadian dollar.
Possible scenarios:
USDCAD: USD on a resistance and CAD on a support = Short on USDCAD
EURCAD: Downtrend continuation expected on the pair
GBPCAD: Downtrend continuation expected on the...
This currency has seen a lot of downside pressure for sometime now. With that being said I think we will see support at the possible entry level which should see the market re pricing on the currency looking at the upcoming economic events. We will monitor and update as the days go.
THIS IS NOT AN INVESTMENT ADVISE!!!
Canadian dollar is one of a few major currencies which is strong (thanks to crude that has been pushing it up). It broke from its bearish channel in 2004 and turned bullish. It restested twice the old resistance which now became a support. And now we are about to start a long drive up which will last for months. Just for a few days CAD will be going down before...
