Commentary on the USD/CAD

Forexmentor.com Forex Trading Price Action

Yesterday, in the AM Review, I gave you every reason to believe that the rout in the USD/CAD pair was over. All chart levels were screaming, “It’s over!” And, several of our members came to my rescue, restoring my faith in my ability to see things clearly. Four of the five charts (weekly, 4 hour, 1 hour, 15 minute) all reflected MACD on the rise, showing positive divergence in some cases.

Well, today, the results of that analysis came to fruition. Price rose into today’s session in the form of an uptrend continuation pattern, and all’s well that ends well. To all you naysayers out there, I would advise you to hit the ‘hold’ button on your keyboard from now on.

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