USDCAD Testing 61.8% Fib Retrace of Oct-Nov Slide
USDCAD Weekly/Daily/4hr
The (USDCAD) has bounced strongly off the November low, and is suddenly testing the 61.8% Fib retrace of the October to November slide. For now, the USDCAD appears to want to complete the Bull Flag consolidation since the October high, and retest the 2022 high and the psychologically key 1.40 whole figure level by January sometime. Although unlikely, any slide before year end below uptrend support (on the weekly chart) will dramatically increase the odds for a major trend reversal. Volatility will surge Friday with the US’ core PPI and PPI, and preliminary UoM consumer sentiment. The escalation in the Ukraine-Russia conflict deserves close monitoring. The weekly and daily RSI, Stochastics and MACD are bottomish or rallying. I am looking to enter long in the green zone (of the daily chart), targeting the red zone for Wednesday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter). Click here for analysis on GBPAUD, NASDAQ100
Join the world's largest asset manager and 2 of the world's 5 largest (and 5 of the 10 largest) hedge funds by AUM as daily readers of Tradable Patterns' technical analysis. As seen on Bloomberg, Refinitiv, Factset and Interactive Brokers, readers include global top 10 investment banks. If you represent an institutional investor or potential distribution partner, write to info@tradablepatterns.com to request Bloomberg, Refinitiv and Factset readership reports. Also seen on FT (Financial Times), Interactive Brokers, ICE, Amazon, Zerohedge, CNA, Liquid (Quoine), Tradable Patterns publishes 3 newsletters: Today's Top 3 Trades, Coffee Daily and Crypto Weekly Outlook.
Today's Top 3 Trades, Coffee Daily, Crypto Weekly Outlook and all other Tradable Patterns content do not constitute an advisory and do not make recommendations, but can supplement your own analysis. Please do your own due diligence ahead of any trades.
On the date of publication, Darren Chu did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.