Cypher pattern on the USD/CAD

١٥ يناير ٢٠١٧

This week's play for the USD/CAD is to short USD as the Dollar index is looking to decline even further. Until the USD Index reaches next support level at roughly 100 even handle, or perhaps upper 99 levels, this potential cypher pattern should respond with the dollar to rebound off support. The fundamental picture of the market, in my opinion anyway, is the ECB meeting on the 19th which could offer traders and investors some insight as to whether QE purchasing should begin to taper off and start raising interest rates, or should it continue which will send the EURO near parity level. In short, this is my play for the week. Good luck! And Happy Trading.