I believe we are now finished with the channel which was one of my first reasons for Shorting USDCAD.
There are many reasons for the short from my stand point. The Case was built based on the premise of
Head and Shoulders formation including the bounce from my price cluster @ 61.80 & 23.60 which made that area
a strong sort of resistance. After the rejection further confirmation is the breakout of the channel.
Also the Oil discovery in Bahrain gives power to the Canadian Dollar because it is directly correlated as a
commodity Currency, which gives me the bias of power to CAD, along with the Market turmoil floating around
USD.
There are many reasons for the short from my stand point. The Case was built based on the premise of
Head and Shoulders formation including the bounce from my price cluster @ 61.80 & 23.60 which made that area
a strong sort of resistance. After the rejection further confirmation is the breakout of the channel.
Also the Oil discovery in Bahrain gives power to the Canadian Dollar because it is directly correlated as a
commodity Currency, which gives me the bias of power to CAD, along with the Market turmoil floating around
USD.
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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.