After the sharp move down in the beginning of the year, USDCAD broke out of the trend and created an upward channel. It has recently tested the 50% Fib and sellers responded immediately as seen by the purple candle. Pattern looks like a bear flag although we are still miles away from confirming it. A break of the lower bound of the channel is needed to confirm it
Commento:
Hit the Mara to the tick (purple line) and reversed
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Pardon me I meant to the pip. Used to futures analysis
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Entering an area of support ( cluster of highs). Next support comes in at 1.33 area (38.2% Fib) and critical support around 1.3280 area (previous support, Mara, and swing lows)
Commento:
Bounced off support as previously discussed and near swing highs. Watch out for a stop run above previous swing highs at 1.3589
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USDCAD needs a close below the small trendline for a move lower in our opinion
Commento:
Broke inside day lows
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Breaking through area of support. A close below is needed for a sustained move
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USDCAD approaching lower bound of the channel
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Pair testing the trendline and lower bound of the channel
Commento:
Pair breaking through the lower bound
