USDCAD Update - Fake Out or Break Out?
Dear Friends,
How I see it:
1) The prevailing Higher TF trend bias is bullish, without a doubt.
2) Politically, fundamentally, technically the $ is a bull in a China shop.
3) BOJ will have to hike the Yen in this coming week which
could force the $ to correct to an extend that is yet to be seen.
What makes this pair unique is the Political & Monetary uncertainty:
1) Canadian election year
2) US Taxation
Taking all of this in consideration:
A double fake out at the bottom on such a big range could potentially signal a reversal.
Thus meaning, my initial thesis can be wrong.
Should the breakout above the range hold, obviously "LONG" is the answer.
Or
Should this breakout above range actually test and re-enter the range
and fall back to FMV (fair market value)
It only means that the market is expanding even bigger,
and we'll have to take it from there then.
I deeply appreciate you taking the time to study my analysis and point of view.
How I see it:
1) The prevailing Higher TF trend bias is bullish, without a doubt.
2) Politically, fundamentally, technically the $ is a bull in a China shop.
3) BOJ will have to hike the Yen in this coming week which
could force the $ to correct to an extend that is yet to be seen.
What makes this pair unique is the Political & Monetary uncertainty:
1) Canadian election year
2) US Taxation
Taking all of this in consideration:
A double fake out at the bottom on such a big range could potentially signal a reversal.
Thus meaning, my initial thesis can be wrong.
Should the breakout above the range hold, obviously "LONG" is the answer.
Or
Should this breakout above range actually test and re-enter the range
and fall back to FMV (fair market value)
It only means that the market is expanding even bigger,
and we'll have to take it from there then.
I deeply appreciate you taking the time to study my analysis and point of view.
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