Autochartist Forecast
USD/CAD Congests on Short Term Intraday Timeframe
With the 4th of July bank holiday in the U.S., the typical market overlap with Frankfurt, London and New York will have significantly less volume. However Frankfurt and London will be trading today until approximately Noon EST. This presents an opportunity from the short term intraday charts without requiring a trade into the holiday weekend.
The USD/CAD very quietly has been reacting to not only a a fairly volatile U.S. Dollar but also a crude oil market has has once again broken 70 to the downside. Since the dollar is still trading above 80 with some support this will allow the dollar to gain on the loonie (Canadian Dollar). Add to that the fact that the loonie has also been weakened by crude heading lower since reaching 73.38.
Interestingly though, the USD/CAD has not been climbing much and that has much to do with the double, now arguably triple, top on the intraday charts and the congestion on the daily.
The 15 and 60 minute charts are showing very little trend as they congest in triangle patterns on short term intraday charts. Triangles by their nature are "self limiting" patterns because if prices do nothing else but continue to move sideways within the pattern, at some point the price will run out of room and pierce the support or resistance.
The USD/CAD very quietly has been reacting to not only a a fairly volatile U.S. Dollar but also a crude oil market has has once again broken 70 to the downside. Since the dollar is still trading above 80 with some support this will allow the dollar to gain on the loonie (Canadian Dollar). Add to that the fact that the loonie has also been weakened by crude heading lower since reaching 73.38.
Interestingly though, the USD/CAD has not been climbing much and that has much to do with the double, now arguably triple, top on the intraday charts and the congestion on the daily.
The 15 and 60 minute charts are showing very little trend as they congest in triangle patterns on short term intraday charts. Triangles by their nature are "self limiting" patterns because if prices do nothing else but continue to move sideways within the pattern, at some point the price will run out of room and pierce the support or resistance.
3 July | 
1 comment
1 comment
