A short update on CAD$ since there is a possibility of a change in intermediate trend.
Quote:
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Originally Posted by idejan ...
In my previous thread I've posed my view on CAD$, and also in my Journal.
My long term view still remains very bullish on CAD.
... after bottoming around 1.17 as I've targeted previously, would most probably have another bounce up to around 1.27, before a longer term downtrend down to below 1.0... |
The ongoing consolidation (at the moment of the post) could most probably find resistance around 1.2036 but could also extend to 1.2080
Break below 1.1945 would suggest continuation down to at least 1.1860 and below to 1.1784/1.1717
A move above last week's high at 1.2142 would suggest CAD$ had bottomed and new correction toward 1.26/27 is in progress.
ID
While I was writing this the CAD fell down to 1.1925. So chances of a continuation down are now more certain.