USDCAD looking at a bullish reversal
Using two custom indicators I have developed it would look like USDCAD is getting ready for a trend reversal.
The overlayed indicator shows highs and lows for Fibonacci numbered periods from 5 - 233 periods, with the white lines representing 1/4, 1/2, and 3/4 of the way between the 233 period high and low. Price is hitting the 1/4 mark, signaling a potential shift of power from bears to bulls.
The bottom indicator tells us the the current down trend is weakening since the ribbons are steeply falling towards the center line, representative of a zero-ed out average between highs and lows.
Historically, sharp moves like this are indicative of trend weakening/reversal, and could be the case again here.
Predicted length of new trend is one to two weeks.
On the shorter time frame panel to the right we can see the new trend has already been established.
The overlayed indicator shows highs and lows for Fibonacci numbered periods from 5 - 233 periods, with the white lines representing 1/4, 1/2, and 3/4 of the way between the 233 period high and low. Price is hitting the 1/4 mark, signaling a potential shift of power from bears to bulls.
The bottom indicator tells us the the current down trend is weakening since the ribbons are steeply falling towards the center line, representative of a zero-ed out average between highs and lows.
Historically, sharp moves like this are indicative of trend weakening/reversal, and could be the case again here.
Predicted length of new trend is one to two weeks.
On the shorter time frame panel to the right we can see the new trend has already been established.
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