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U.S. vs. Canadian Dollar Outlook: Near-term Bullish, Longer-term Bearish

As requested by member @lee1 in the trading room, here are my thoughts on the USD/CAD pair: Viewing this 3-year chart with 2-day period candlesticks (every stick represents 2-days of price history), the USD/CAD recently broke down below this well-defined uptrend line following a blow-off top & divergent high (bearish). With a healthy drop in the pair since, along with the current oversold readings, I favor a near-term bounce before the key 1.28 support level gives way, opening the door to the next major thrust down. One possible scenario would be a bounce that forms the RS of a larger H&S [...]

2017-03-08T21:19:55+00:00Apr 8, 2016 3:28pm|Categories: Equity Market Analysis, Forex (Currencies)|Tags: , , , |3 Comments