Another impressive move by this pair. I was waiting for a break above 1.24 and instead it’s headed for a double bottom.

It goes to show us that we need be very cautious on waiting for confirmations of breakouts before taking trades.

The break below 1.21 provided a good sell oppertunity. I think there are many more opportunities to come, however we can’t take our eyes off this pair for one second.

Have a good weekend.

This pair continues to make record breaking moves. A retracement is underway and could go higher yet.

Unfortunately the upload tool is not working at this time so I can’t share the chart.

Indeed we have now seen a substantial reversal move on this pair. Some re-tracement is due and then the bigger question is where to next.

If the pair is going to continue downward it needs to break this pivot point.

So far the pattern has acted as expected. However we are now at a cross roads. Usually when these patterns announce a top the reversal is more swift. So I would use caution until more conviction appears in the direction.

I’m watching the USD/CAD very closely as there appears to be a forming ending diagonal. If the lower trend-line is breached then the downside has a potential of 1.2500 or lower.

Have a look at my most recent report.

cheers

http://www.fxstreet.com/technical/analysis-reports/fx-weekly-report/2008-10-27.html

The USD/CAD pair has been incredibly volatile as of late and is now positioned for a break-out or reversal. The current pivot point is quite identifiable. This is the second time we visit here in as many days.

Keep a close watch on this pair Sunday/Monday as the market sentiment may turn sharply in the coming days.

It is very likely that a temporary top is now in place on the USD/CAD. As you know I like to consider the psychology as to how and why this may also be.

As such there were many articles in the news yesterday. In the US, Canada and even Europe about the dramatic decline in the CAD. (USDCAD strength). This is often the signal of a reversal. Whenever the mainstream media latches on to a story especially if they report how it seems to have no end in sight. Typically this is just the place a reversal happens.

I believe it’s time to look for selling opportunities on this pair.

Cheers

I came across some old notes about how people all have a different relationship to money and that most of us have an unhealthy one.

This is just a crude self test and doesn’t address all of what one should do to discover their personal relationship with money however it is very telling if we ask ourselves what we think when we reflect on other peoples financial success. The bigger question of course is will we think of ourselves the same way as we become financially independent or perhaps is this keeping us from having greater wealth?

Read the questions below and just answer them for yourself. Observe if you learn from your answers.

• Money is the root of all evil
• It’s more righteous to be poor than rich
• Most rich people probably did something bad or dishonest to get their money
• Getting rich takes too much work and struggle
• Striving for wealth won’t allow me much time for anything else in life
• If I really strive for wealth and don’t succeed I’ll fell like a failure
• Being successful is a matter of luck or fate
• I don’t have time to manage money