Commentary on the USD/CAD
Forexmentor.com Forex Trading Price Action
Getting back to the USD/CAD pair, it should be noted that, although the pair has been in a freefall ever since I called the top recently, the commercial traders (Big Dogs) are going shorter with their positions with respect to light sweet crude oil. As you may recall, I told you way back when that the Canadian dollar (a.k.a. loonie) moves in tandem with the price of oil. So, the freefall may not go on forever.
Today, for instance, we had what looked like a downtrend continuation pattern unfolding on the 15 minute chart which, in fact, turned out to be a downtrend reversal pattern. The only way you can really prove such a pattern one way or the other is to keep an eye on trendline analysis, and wait for a break either way. That I will talk about in the AM Review today.
See latest sample AM Review at: http://www.forexmentor.com/sampler/
Getting back to the USD/CAD pair, it should be noted that, although the pair has been in a freefall ever since I called the top recently, the commercial traders (Big Dogs) are going shorter with their positions with respect to light sweet crude oil. As you may recall, I told you way back when that the Canadian dollar (a.k.a. loonie) moves in tandem with the price of oil. So, the freefall may not go on forever.
Today, for instance, we had what looked like a downtrend continuation pattern unfolding on the 15 minute chart which, in fact, turned out to be a downtrend reversal pattern. The only way you can really prove such a pattern one way or the other is to keep an eye on trendline analysis, and wait for a break either way. That I will talk about in the AM Review today.
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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