USDCAD coming to pivotal point
Updated
Bullish case
1 - Black descending line act as support
2 - Price performing a throwback to former resistance (red line) to test as support
3 - Up-trending channel off the bottom
Looking for exhaustion on 1HR and 4HR on lower bollinger band.
1H UC
See continuation of red and black thick lines on the hourly.
Bearish Case
1 - DXY looking really weak
Regarding bearish case (1) so long as the EUR/GBP/JPY pairs appreciate against the CAD more/faster than the USD, then UC will still go up due to arbitrage.
Some Other Details
Take a look at CXY - appears to be thrusting into two resistances trend lines, that are coalescing together
Weekly
Daily
1 - Black descending line act as support
2 - Price performing a throwback to former resistance (red line) to test as support
3 - Up-trending channel off the bottom
Looking for exhaustion on 1HR and 4HR on lower bollinger band.
1H UC
See continuation of red and black thick lines on the hourly.
Bearish Case
1 - DXY looking really weak
Regarding bearish case (1) so long as the EUR/GBP/JPY pairs appreciate against the CAD more/faster than the USD, then UC will still go up due to arbitrage.
Some Other Details
Take a look at CXY - appears to be thrusting into two resistances trend lines, that are coalescing together
Weekly
Daily
Note
Batmann mentionned that oil is important for UC movement, looking at my crude chart, I think the best bet is for a throwback to former resistance break out as per:
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