USDCAD: REVERSAL INEVITABLE?
Happy Sunday traders🔥 market opens in a few, thought I’d drop this chart real quick.
Technical Outlook: On the Daily time frame price is currently at a Fibonacci area of interest between 61.8% and 78.6%… Price is also trapped in an inside bar which formed last week Tuesday. An inside bar can be a reversal or continuation pattern, depending on which side of it breaks.
Fundamentals Outlook: the much anticipated FOMC meeting on Wednesday which is widely expected to come out with 50Bps rate hike, a slowdown in pace from previous interest rate hikes by the Fed. We could see the U.S Dollar get hit. When that happens we’ll see a broad lift in commodity prices.
Technical Outlook: On the Daily time frame price is currently at a Fibonacci area of interest between 61.8% and 78.6%… Price is also trapped in an inside bar which formed last week Tuesday. An inside bar can be a reversal or continuation pattern, depending on which side of it breaks.
Fundamentals Outlook: the much anticipated FOMC meeting on Wednesday which is widely expected to come out with 50Bps rate hike, a slowdown in pace from previous interest rate hikes by the Fed. We could see the U.S Dollar get hit. When that happens we’ll see a broad lift in commodity prices.
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