Commentary on the USD/CAD

Forexmentor.com Forex Trading Price Action

Today’s price action on the USD/CAD pair (15 minute chart) was totally predictable. Price came into today’s session in a downtrend continuation pattern, which is explained in the members area at forexmentor.com. Price was repelled at the London open (~ 3 am ET) by the central pivot point. If you take a look at the 200 EMA, it was trending down as well. Further, by that time, MACD had neutralized back up to the waterline.

It’s interesting that, on the higher level charts, like the daily, it could be that the pair is trying to bottom out, which would represent a good position trade to the long side. I’ll keep an eye on that, and report back in future commentaries.

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