USD/CAD - Still Bearish
Weekly
Lower swing highs on the weekly after price has attempted to breach and sustain above 1.3400 - this has failed.
Daily
Yesterday we saw a strong bearish bar breaking and closing below our inner TL, the last 2 days prior to that were bearish as we saw price being whipped back below 1.3400. There is also a daily MA crossover to the downside. At the monthly rejection area, there was also a rejection which was confluent with 61.8% and our target area of -27% is confluent with a key daily area of 1.3200. We have lower daily swing highs.
H4
Clear lower highs and lows being formed on this timeframe. MAs crossed over to the downside and a break of our inner TL has seen a retest and rejection which also completes a new lower high.
Lower swing highs on the weekly after price has attempted to breach and sustain above 1.3400 - this has failed.
Daily
Yesterday we saw a strong bearish bar breaking and closing below our inner TL, the last 2 days prior to that were bearish as we saw price being whipped back below 1.3400. There is also a daily MA crossover to the downside. At the monthly rejection area, there was also a rejection which was confluent with 61.8% and our target area of -27% is confluent with a key daily area of 1.3200. We have lower daily swing highs.
H4
Clear lower highs and lows being formed on this timeframe. MAs crossed over to the downside and a break of our inner TL has seen a retest and rejection which also completes a new lower high.
Komen:
SL moved to beyond BE.
Komen:
Stopped out for 45 pips profit.