USDCAD is slowly but surely grinding its way up towards the Crab pattern's PRZ. Despite intraday up and down swings, USDJPY managed to stay above its Fast SMA line and maintain its trend.
Two bearish scenarios for USDCAD: 1. Completion of Crab pattern near 1.34-1.35 (see risks and potential rewards in the chart) 2. Breakdown of the Fast SMA line could lead to quick pullback (possibly towards 50 SMA line)
This analysis is part of the Weekly Markets Analysis newsletters To read more interesting technical reviews - goo.gl/8A6fTH
As USD continues to advance, USD is now less than 100 pips from PRZ.
themarketzone
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themarketzone
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This week's newsletters continue to monitor USDCAD as it continues to stay above the SMA line and probably will reach Crab's PRZ on FOMC week - goo.gl/4z09V2
IvanLabrie
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Same view, looking to short the very top if possible. I think it might be interesting to short GBPCAD as well.
IvanLabrie
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Seems like we're heading to that PRZ after all.
themarketzone
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It is getting there. I just wrote in my newsletters that I expect an explosive move following the kind of price action we currently see on USDCAD. I think that we will see a bullish spike, cleaning all stop losses that wait above 1.34-1.35 and then we'll get the reversal.
FXROB
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I am a daily Trader so... I have to take higher time fr.