After the sharp move down in the beginning of the year, USDCAD broke out of the trend and created an upward channel. It has recently tested the 50% Fib and sellers responded immediately as seen by the purple candle. Pattern looks like a bear flag although we are still miles away from confirming it. A break of the lower bound of the channel is needed to confirm it
Comment:
Hit the Mara to the tick (purple line) and reversed
Comment:
Pardon me I meant to the pip. Used to futures analysis
Comment:
Entering an area of support ( cluster of highs). Next support comes in at 1.33 area (38.2% Fib) and critical support around 1.3280 area (previous support, Mara, and swing lows)
Comment:
Bounced off support as previously discussed and near swing highs. Watch out for a stop run above previous swing highs at 1.3589
Comment:
USDCAD needs a close below the small trendline for a move lower in our opinion
Comment:
Broke inside day lows
Comment:
Breaking through area of support. A close below is needed for a sustained move
Comment:
Comment:
USDCAD approaching lower bound of the channel
Comment:
Pair testing the trendline and lower bound of the channel
Comment:
Pair breaking through the lower bound
