The Loonie index is currently moving in a downtrend, as shown by the lower highs and lower lows on the daily timeframe. This is also in sync with the commodities markets (crude oil, well and even gold), which have been experiencing bear pressure lately. It is no secret that currencies like the Loonie (Canadian dollar), Aussie (Australian dollar) and the Kiwi (New...
94.5 starting to look like real support turned resistance. Past 2 weekly Fib pivots have been respected (94.4) and monthly pivot also respected as shown. Monthly S1 also held but downtrend is still valid here, until channel break.
Oil also showing potential bearish flag/bearish Gartley which could help the bearish movement on CAD, as long as flag doesn't break...
CXY - Canadian Dollar Currency Index
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Currently in a 4 week range, saw a good surge of buyers on Friday.
It is currently attempting to test 2017 descending channel.
The reaction to this trendline will be instrumental in what happens next for the...
