This had absolutely nothing to do with the technical picture and purely due to fundamentals. Mainly the spike in oil, oil saw a 2 dollar spike, the same time USD/CAD spiked down. The Canadian economy is still quite weak and the GDP is coming around the corner. I would go long right now and buy this dip if FOMC wasn't coming out in 1 hour.
Everyone is able to have their own opinion. As a fundamental trader it seems you are I would have expected nothing less than a comment like that too. It's the whole thing of what came first the chicken or the egg. In a technical traders point of view the pattern completed before the oil news and change of direction.
Thanks oil for the move, but thank you for the pattern and it's ability to forecast it.
Joined Jun 2011
Status: Swing trader using Market Cycles
Great and rare short strong setup with very high win potential :
The price is stucked between support and resistance at the low of previous trading Day . Previous trading Day show good selling activity increasing the likelihood of a valid downbreak. Potential risk : reward 1: 7
Always use aggresive risk management , no matter how the perfect setup is and never risk more that a small amount of your capital :
Am watching the similar lines here, but feels that it's going to yield since it is the 4th tap of the TL already.But being NFP week, my logic is that we will see some USD risk aversion sometime this week, oil is certainly looking brighter now, will CAD follow?