As you can see, GJ is forming a cup & handle. TP Target is 155.600
CAD rose extremely fast during february, almost four percent. This means that we can probably expect a pull back, because a double top pattern is forming. This pullback can go as far as the .618 level of Fibonacci in my opinion. The overbought currency is showed on the weekly RSI and also on Stochastic. Short till around 0.70500 is probably the way to go for me.
I see CAD going down every moment from now to around 0.71000. The price went up very aggressive, but is reaching to a weekly support in combination with movement to top of channel. Down movement is the most logical explanation, looking at the chart. A retracement is very likely in my opinion. RSI on daily, H4 and lower timeframes all point to overbought...
I will long EURCAD because of this: Moving within a channel for quite some time now, the price has now reached the bottom of the channel so more upside because of a bounce can be expected Price has moved to test a strong weekly support, this can cause the price to bounce There is a bullish divergence on 4HR which means the overall bearish trend is weakening.
Why do I think the Dollar will decline for the next upcoming years: Biden is about to become president of the United States of America, according to the improved polls (methodology has been updated). This can lead to the following events: - Massive stimulus package released for the American people (more than 2 trillion dollars). - Calm trading front with China,...