Last Friday, Canada employment report sent a RED alarm to Loonie. I anticipated data would be negative and BUY ahead the news, but unfortunately, it seemed USDCAD ignored FA and was muted at 1.3360
Moreover, OPEC refused to cut production despite of global glut.
Fundamental doesn't support Loonie currently.
Last week, 5 trading days is 5 doji stars on the chart. What does this reflect ?
That is the hesitation of traders. Obviously, FEAR is controlling them. It needs a strong catalyst to drive USDCAD through YEAR HIGH.
While USDollar bounced aggressively from 12 year high, clearly traders have right reason to don't dare drive USDCAD higher.
A wedge pattern on the price action and RSI indicator, and both are contacting the end point of wedge pattern.
A breakout incoming.
In my opinion, I think USDCAD should break the year high and first test 1.3500
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Sforex Solution: Do the right thing – Think the right way
Moreover, OPEC refused to cut production despite of global glut.
Fundamental doesn't support Loonie currently.
Last week, 5 trading days is 5 doji stars on the chart. What does this reflect ?
That is the hesitation of traders. Obviously, FEAR is controlling them. It needs a strong catalyst to drive USDCAD through YEAR HIGH.
While USDollar bounced aggressively from 12 year high, clearly traders have right reason to don't dare drive USDCAD higher.
A wedge pattern on the price action and RSI indicator, and both are contacting the end point of wedge pattern.
A breakout incoming.
In my opinion, I think USDCAD should break the year high and first test 1.3500
F.B page: www.facebook.com/trackingforexsignals (tinyurl.com/jxayluk)
Web page: www.trackingforexsignals.com
Twitter: twitter.com/SforexSolution
Contact: admin@trackingforexsignals.com
Sforex Solution: Do the right thing – Think the right way
