USDCAD. Reversing bearish or just pretending?

[stephane]

USDCAD monthly. Is it reversing bearish, is it just retesting a broken resistance and it is going to rise again ? Hard to say.

My guess from a purely technical point of view is we are still going to fall, because it is already very expensive. But the pair is also clearly driven by fundamentals, that is oil prices crushing down.

Therefore no bias on that one, I am ready to trade it both sides.

 

[stephane]

Just an update. It is struggling very hard, but the daily delivers somethnig "as close as" a shooting star as it can be, and the pair cannot resume its former bullish trend.

 

[bullandbear]

Just an update. It is struggling very hard, but the daily delivers somethnig "as close as" a shooting star as it can be, and the pair cannot resume its former bullish trend.

I think that is going to consolidate on some smaller level .. there is simple so much fundamental support for this at the moment

 

[stephane]

You are damn right. Ranging, ranging ranging. Within two important fib lines !