For the past about 45 days we have seen a little under 300 pip range of consolidation. However on the weekly the 1600 pip drop from last may to September had never made a valid Lower High until it reached the 38.2% Fib RetraceIt has found resistance under the 50 level on weekly which shows still a majority of sellers in market. This strong median is what is causing the massive consolidation.
Analyzing this pair on the Daily it has had a lot of bullish strength trying to fight back. I would want to see a break of the 1.28000 level before seeing huge momentum switch toward the downside. USDCAD is known to freefall... Play this pair carefully in this consolidation. Price always reveals itself, in reality one can only win - buyers or sellers. React from price instead of predicting price.
Will update pair throughout week.
Analyzing this pair on the Daily it has had a lot of bullish strength trying to fight back. I would want to see a break of the 1.28000 level before seeing huge momentum switch toward the downside. USDCAD is known to freefall... Play this pair carefully in this consolidation. Price always reveals itself, in reality one can only win - buyers or sellers. React from price instead of predicting price.
Will update pair throughout week.
