USDCAD 09/04/2017
09/04/2017:
Monthly: EMAs are crossed to the down side. In august 2017 USDCAD tried to push up and retest 1.28 but didn't make it all the way and was pushed back down and closed Doji just below key Weekly Support of 1.25.
Weekly: The 8 EMA on the weekly was tested and rejected last week. making a new lower low on the current leg. We also printed a shooting star candle pattern indicating we will see more down side possibly taking out 1.22 this week.
Daily: The Fib Drawn on the Daily was completed taking out 1.23502.
This coming weekly I am looking for a retracement to retest 1.25 and will be looking for price action sell signals to get short. Note of caution...we do see a demand zone from june of 2015 just below 1.22, we will be cautious of the pair getting pushed up from this level.
Monthly: EMAs are crossed to the down side. In august 2017 USDCAD tried to push up and retest 1.28 but didn't make it all the way and was pushed back down and closed Doji just below key Weekly Support of 1.25.
Weekly: The 8 EMA on the weekly was tested and rejected last week. making a new lower low on the current leg. We also printed a shooting star candle pattern indicating we will see more down side possibly taking out 1.22 this week.
Daily: The Fib Drawn on the Daily was completed taking out 1.23502.
This coming weekly I am looking for a retracement to retest 1.25 and will be looking for price action sell signals to get short. Note of caution...we do see a demand zone from june of 2015 just below 1.22, we will be cautious of the pair getting pushed up from this level.
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