USDCAD UC has sold off after a nice rise in a channel. the selling was caused by a weakening in the USD and strengthening in CRUDE OIL. traders have been moaning about the lack of correlation between the rise in oil prices and UC when the USD was being ramped up prior to the FED minutes and YELLEN speech. so if we forget about the news and look at the 30 min chart we see a hard break in the UP channel support and UC descending in a tight triangle pattern which is reaching its apex so we need to watch this price very closely for a break in the TRIANGLE.
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weekly close was breached during the JAPAN open after providing support for most of the day during the USA session. CAIPORA told me to watch the weekly close for clues and he was right!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.