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The USD/CAD has been heading lower at the crude oil market slices and dices up and down through the 50 decade level. The weaker crude market should not be pushing the loonie up over the greenback but today’s strong U.S. Dollar Index is doing just that.
The swing short would set up as prices are reaching the resistance of the downtrend line (green) of the Continuation Channel Down. The 30 minute chart is heading higher as it follows through from the triangle pattern breakout earlier in the afternoon. The Forecast Region resistance is waiting at between 1.2240 and 1.2320.
These patterns have two different ceilings to watch. Waiting for the ceiling on the 240 minute pattern means watching the 1.2170 to 1.2200 area. The 30 minute is pointing to a ceiling that reaches 1.2240 and this would pierce the downtrend line resistance onteh 240 triggering a trendline reversal buy.
Hey Raghee, I really enjoy following your blogs. Where can a find your “Getting Started PDF Rules & Tools Guide” ? I can’t seem to find it anywhere, and I’d really like to take a look at it.
Thanks