After an
incredible upward trend it appears it is time for some correction for USD/CAD.
The pair reached 1.4689 where it finally found some resistance and bounced off
that level, forming a hanging man candlestick below the resistance on the daily
time-frame. USD/CAD is currently moving to the downside and broke below the
support at 1.4450. I think we can expect a further move to the downside,
towards the next support at 1.4220 – 1.4200. Time will tell whether this is the
end of the upward trend but for now I wouldn’t hurry with new long positions.
It could retrace from this point.
ReplyDeleteI will keep eye on it.
ReplyDelete