As of Tuesday morning in New York, as expected, price on the USD/CAD has tentatively continued its bearish run off the double top and appears poised eventually to reach its target in the 1.2000 region as mentioned yesterday on this blog. If that level is breached, the next support target to the downside should be the level of the trough between the two peaks in the double top formation. In the event that this potential bearish run comes to its full fruition, it should be peppered periodically with minor retracements and consolidations.
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Hi James
USD/CAD on 4hr is finding support on 200sma. The trough of the double top was a bounce off 200sma, and now again it has found some support. Would be interesting to watch price action on this pair
Regards
su25
Hi su25,
Thanks for your comments, as always. Yes, I am also watching this pair very closely. It can be a very unpredictable pair, but with the beautiful double top formation that was just made, the technicals on this pair sometimes line up very well. Thanks, su25!
James Chen