So this afternoon we have some important data out for both the Loonie as well as the US Dollar.
The chart of USDCAD is showing us that it has gone into a consolidation/range/ pause BUT not just anywhere but a prior S&R level, a fib level to be more precise. The level at 1.16689 is a fib level area. Looking back over the years this level has been a leve lwhere Price has consolidated/paused at. This will be reflected going forward as we're trading at such a level right now.
So we're likley to see some action around this level, some profit taking as Traders take some profit off the table in the overall uptrend.
What's more important too is that today we have alot of important data out for both of these currencies. The data this afternoon could very well be the make or break for Price for this week. If US figures come out as ecxpected we could see a deeper pullback at the current level and visa versa, if the data comes out positive - the current resistance level above could be breached and we could see a potential continuation higher for Price.
I'd be vigilant trading this afternoon as we might very well see bucket loads of volatility. The 4hr chart shows alot of Spinning Tops and Doji candlesstick formations, a sign of indecsion. Either way what happens this afternoon might indicate where we should be focusing going forward.
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USD/CAD: Afternoon Price Action To Determine Trend
Published 17/12/2014, 13:13
USD/CAD: Afternoon Price Action To Determine Trend
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