Newsweek Galore!
Good Morning Dynamic Traders!
This week promises to be eventful. We have the start of a new month, the festive season approaching and major US tidings due this week. We are also eager to hear word from Governor King concerning our Bank Rate.
What a confluence of events!
Paradoxically, this confluence of events should not incite us to be too "trigger happy" with our trades. Clearly, opportunities will present themselves, but positions must be prudently perused.
One of these will be the USDCAD. Last week we saw the Loonie retreat almost as swiftly as it had advanced. (BLOG 27 Oct)
The daily chart (below) reveals that a bullish fib level has been met by the price, which is currently pondering its next move.
USDCAD daily chart Advanced Get
This week promises to be eventful. We have the start of a new month, the festive season approaching and major US tidings due this week. We are also eager to hear word from Governor King concerning our Bank Rate.
What a confluence of events!
Paradoxically, this confluence of events should not incite us to be too "trigger happy" with our trades. Clearly, opportunities will present themselves, but positions must be prudently perused.
One of these will be the USDCAD. Last week we saw the Loonie retreat almost as swiftly as it had advanced. (BLOG 27 Oct)
The daily chart (below) reveals that a bullish fib level has been met by the price, which is currently pondering its next move.
USDCAD daily chart Advanced Get
Below is the 60 minute chart for the same.
From this vantage point, the scene can be assessed with increased clarity.
Using your technical skills and being mindful of the impending news releases, an agreeable position may be assumed.
USDCAD 60 minute chart Advanced Get
Saba Jackson
Labels: usdcad
posted by Saba Jackson @ 9:05 AM
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