USD/CAD Long
Hi Traders,
Please see my analysis of USD/CAD where we have formed a wedge pattern. We expect price action to reach the top of the wedge and either rebound breaking down through the wedge or continue up breaking the wedge.
"The US Dollar has plummeted more than 2.8% off the monthly highs with a break below confluent support at the monthly open / opening-range lows taking price towards a key support zone today at the 78.6% Fibonacci retracement of the October rally / 100% extension of the December decline at 1.2432/70. Note that the lower parallel of the ascending pitchfork we’ve been tracking off the 2021 lows also converges on this zone and the immediate decline may be vulnerable into this region - we’re looking for possible price inflection down here." - dailyfx.com/forex/technical/home/analysis/usd-cad/2022/01/13/Canadian-Dollar-Outlook-USD-CAD-Plunges-into-Support--Loonie-Levels-Technical-Forecast-MBTS1.html
Please see my analysis of USD/CAD where we have formed a wedge pattern. We expect price action to reach the top of the wedge and either rebound breaking down through the wedge or continue up breaking the wedge.
"The US Dollar has plummeted more than 2.8% off the monthly highs with a break below confluent support at the monthly open / opening-range lows taking price towards a key support zone today at the 78.6% Fibonacci retracement of the October rally / 100% extension of the December decline at 1.2432/70. Note that the lower parallel of the ascending pitchfork we’ve been tracking off the 2021 lows also converges on this zone and the immediate decline may be vulnerable into this region - we’re looking for possible price inflection down here." - dailyfx.com/forex/technical/home/analysis/usd-cad/2022/01/13/Canadian-Dollar-Outlook-USD-CAD-Plunges-into-Support--Loonie-Levels-Technical-Forecast-MBTS1.html
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