I was expecting the USDCAD to complete the correction of the BC leg down move at the 38% level. However, price moved down breaking the lows of the previous weeks and the market seems to be bearish now finding resistance at the yearlyPP. In spite of this the expectation is still to the significant resistance levels which include the 50sma, 38% retracement, SSB 50% level of the previous impulse move, and previous structure. Volumes are low and decreasing so the current down move is not supported by volume. So a potential move long is still expected.
Nice.. i think move above 1.313 is still on cards.. but that i think will be after some sessions.. the whole market seems range bound.. for monday i think it will jump up towards 1.30 from 1.2925
SteynTrade
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Yes, seems to be struggling to complete the pattern to the 38% retrace level. So we may have to wait some more. Lets see what this week brings.
WeiLidd
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Good Idea
SteynTrade
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Thank you.
Gluckmann
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VERY interesting
SteynTrade
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Yes, the market turned bearish last week, but the market normally completes as significant levels so still thinking the market should reach around the 1.33 level. Will be watching price action this week.