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  • USDCAD retreats after bullish spike to 2-month high

    From xm.com

    USDCAD had a bearish start to Friday after yesterday’s spike to a new two-month high of 1.2876. The pair has also increased its distance above its positively-sloped moving average lines and the Ichimoku cloud, indicating that the recent down move might not hold for long. Momentum signals are in a confusion. The RSI has reversed lower in the positive region, while the MACD is strengthening its bullish move above its trigger and zero lines. An upside correction could retest the 1.2814 key mark before attention turns to the 14-month high of 1.2960. Moving higher, the 1.3134 barrier from November 2020 may halt any ... (full story)

"USDCAD retreats after ....." Sounds bearish. But is it? Or is it actually quite bullish?

Well, check your own charts. You will discover it looks like the MMs dropped price for increased order filling below the lower whole level....1.2800....during this last market day of the week.

Now, according to the market gospel "Buy low, sell high" this is BULLISH. Of course, that means we should expect such "news" as this, with a cleverly caged bearish bias, all the better to mislead the market herd into providing the MMs with liquidity to help fill those SM buy orders.........HTMRW.
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Loonie broke multiweek range..now buy all the way,for me yaa. (In my opinion,kindly do own analysis).

Have a good and safe weekend.
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  • Posted: Feb 25, 2022 3:57am
  • Submitted by:
     Newsstand
    Category: Technical Analysis
    Comments: 2  /  Views: 966