USDCAD Short Term & Long term View 13/12/2017

rjfxpips

Trader
Dec 11, 2017
2
0
6
27
Daily price still within a consolidation range of around 250pips.
upload_2017-12-13_0-24-56.png
The weekly chart below shows how the overall bias is bearish with price reversing at monthly and weekly key levels as well as a reversal at the weekly fibb zone followed by bearish momentum. After a few weeks of failing to break above monthly resistance 1.2800, last week broke above it with a bullish MA wick rejection as well as an MA crossover, this means there is a high probability of price rallying up to the weekly resistance 1.3100, before continuing its bearish momentum.
upload_2017-12-13_0-26-11.png
Drawing a fibb using the most recent weekly Lower high and Lower low, shows this to be a potential long term move.
upload_2017-12-13_0-27-16.png

Overall short term bias is bullish, Long term bearish!!

Happy Trading