One can see how far a us data can affect forex markets globally!. There has been positive change in the Canadian economy and some negative change in the US.. The pair seems to have touched exactly 1.0440 which is 38.2% of the retracement level... just take a look at the attachment!. I guess there will be more correction, before the trend continues, since crude oil prices are expected to rise over the next few quarters.
The day has ended positive today. Should this be a signal that the longer term uptrend will resume or the short term corrections will continue, is something we have to think about. But i feel that the pair is going to move in tight range until the completion of the 1MN candle. However, from my viewpoint, i see that the pair has already hit the channel resistance this month and might continue the even longer downtrend. I think this is possible since most of the oil sands in canada are where the US get their oil from....lol. Fair enough?
With the loonie in overbought levels, it is very likely to favour the bears. With the weekly pattern forming a trend reversal pattern, it is very likely for the pair to test the last week`s low of 1.0410. The bears would plunge into action to earn some interest... Just a hypothesis...
FxLoser Wrote:With the loonie in overbought levels, it is very likely to favour the bears. With the weekly pattern forming a trend reversal pattern, it is very likely for the pair to test the last week`s low of 1.0410. The bears would plunge into action to earn some interest... Just a hypothesis...
The pair did not meet our expectations this week, due to the price action directly related to the price of L.S.Crude oil. However, today`s big bear candle suggests a compelling move towards or below the 2-week low likely to been seen.
What's about UC now?!
Strong resistance, and strong uptrend...
Will be nice after break the res.
I think thatover 1.3013...
May be?
