For my USDCAD analysis and short term update of Friday see below:
The EURCAD however made also a perfect impulse lower and I'll be looking for 2 likely reversal zones before we see another break lower towards ideally 1.48.
The reversal zones are shown by means of the Yellow rectangles and represent confluence between previous significant lows as well as 38.2 and 50.0 Fibonacci retrace levels.
I'm not selling out of a certain level but price action around these levels tells a lot about what to expect from the break that follows.
Both USDCAD and EURCAD are setting up nicely and we only have to wait for confirmation.
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The EURCAD however made also a perfect impulse lower and I'll be looking for 2 likely reversal zones before we see another break lower towards ideally 1.48.
The reversal zones are shown by means of the Yellow rectangles and represent confluence between previous significant lows as well as 38.2 and 50.0 Fibonacci retrace levels.
I'm not selling out of a certain level but price action around these levels tells a lot about what to expect from the break that follows.
Both USDCAD and EURCAD are setting up nicely and we only have to wait for confirmation.
www.timstuyts.com
facebook/timstuyts/
