Personally, I am not in this trade. USDCAD looks like it is in a monthly range which is probably the best way to learn how to trade. If weekly/monthly trendline breaks and demand dries up it's safe to say bears may take prices down to 1.06 or lower (from a technical point of view). Look for the negative correlation between oil and the Canadian dollar. I would plot on the daily/weekly. Very rarely I look at the monthly but so far everything looks clean (Daily<-Weekly<-Monthly) in that order. If you take the Fibonacci tool and go from prices 1.44 to 0.93 looks like the 0.50% is confluent with weekly demand.
Komentarz:
In hindsight, you end up taking a full circle. Stick to the basics, will cause you a lot of time.
Komentarz:
Supposedly interest rates for the dollar will increase (fundamentals). Lets see how this will impact prices candle by candle.
Komentarz:
Looks like the 'DXY' is about to reach the top of the range "12633" which would call for a decline on 'USDCAD' (technically). Demand looks dried up, sellers can now push price lower breaking out of the range causing a compound effect of sellers. Daily and Weekly patterns are slightly conflicting. Only time can candles will tell. Bias - Bearish.