USDCAD tanked on BoC. Very short term focus is on where the decline from 6/26 would consist of 2 equal legs at 1.3422. Proposed resistance now is the high volume level from 7/9 at 1.3567. Pattern wise, there are several ways to interpret action since the June low. The rally into 6/26 is in 3 waves but the decline from that level could end up as a 3 wave drop as well within a larger corrective process. Even so, as long as price is within the bearish channel from the March high, the downside is favored.
Director of Technical Research at Krilogy, author Sentiment in the Forex Market
Twitter: twitter.com/jamiesaettele
Website: krilogy.com/
Twitter: twitter.com/jamiesaettele
Website: krilogy.com/
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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.
Director of Technical Research at Krilogy, author Sentiment in the Forex Market
Twitter: twitter.com/jamiesaettele
Website: krilogy.com/
Twitter: twitter.com/jamiesaettele
Website: krilogy.com/
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.